Ryan Specialty Hldgs Inc Stock Price, News & Analysis

Ryan Specialty (NYSE: RYAN) has completed its previously announced acquisition of Velocity Risk Underwriters, , a Nashville-based managing general underwriter (MGU) specializing in first-party insurance coverage for catastrophe exposed properties. The acquisition, which was initially announced on January 7, 2025, involves purchasing Velocity from funds managed by Oaktree Capital Management, L.P. Velocity will be integrated into the Ryan Specialty Underwriting Managers division.

Ryan Specialty Holdings (NYSE: RYAN), an international specialty insurance firm, has scheduled its Fourth Quarter 2024 financial results announcement for Thursday, February 20, 2025, after market close. The company will host a conference call at 5:00pm Eastern Time on the same day to discuss the results.

Investors can access the conference call via toll-free number (877) 451-6152 or international number (201) 389-0879, and are advised to dial in 10 minutes before the start time. A live webcast will be available on Ryan Specialty's investor relations website at ir.ryanspecialty.com, with a replay accessible for one year following the call.

Ryan Specialty (NYSE: RYAN) has announced a definitive agreement to acquire Velocity Risk Underwriters, a Nashville-based managing general underwriter (MGU), from Oaktree Capital Management for $525 million in upfront cash. Velocity specializes in first-party insurance coverage for catastrophe-exposed properties, focusing on US property catastrophe risks such as named storms, earthquakes, and tornados.

As part of the transaction, Velocity's E&S carrier, Velocity Specialty Insurance Company (VSIC), will be acquired by FM, a commercial property mutual insurance company. Velocity generated approximately $81 million in operating revenue for the 12 months ended December 31, 2024. The acquisition is expected to close in early 2025 and will strengthen Ryan Specialty's property catastrophe portfolio and delegated authority platform.

Ryan Specialty has priced an upsized offering of $600 million in 5.875% senior secured notes due 2032, representing a $100 million increase from the initially announced size. The notes are priced at 99.500% of par, with closing expected on December 9, 2024. These new notes will be issued under the same indenture as the existing $600 million notes issued in September 2024. The proceeds will fund future acquisitions and investments, with potential temporary use of up to $400 million to repay revolving credit facility borrowings used for the recent $450 million Innovisk Capital Partners acquisition.

Ryan Specialty announces a private offering of $500 million in additional 5.875% senior secured notes due 2032. These notes will supplement the existing $600 million notes issued in September 2024. The notes will be guaranteed by the company's wholly owned subsidiaries and secured by substantially all assets securing existing obligations. The proceeds will fund future acquisitions, investments, and general corporate purposes, with potential temporary allocation of up to $400 million to repay revolving credit facility borrowings used for the recent $450 million Innovisk Capital Partners acquisition.

Ryan Specialty (NYSE: RYAN) has successfully completed its previously announced acquisition of Innovisk Capital Partners from Abry Partners and BHMS Investments, LP. Innovisk will be integrated into Ryan Specialty Underwriting Managers (RSUM), which represents the underwriting management segment of Ryan Specialty. The acquisition, which was initially announced on October 30, 2024, strengthens Ryan Specialty's position in the international specialty insurance services sector.

Ryan Specialty (NYSE: RYAN) has acquired Innovisk from Abry Partners and BHMS Investments. Founded in 2017, Innovisk operates as a portfolio of seven specialty MGUs, offering services in environmental, transactional liability, financial lines, professional liability, commercial auto liability, and UK professional indemnity and P&C. The company maintains offices in London, United States, and India. Under Abry and BHMS ownership since 2021, Innovisk has experienced strong organic growth and expanded its global presence. The acquisition aims to enhance Ryan Specialty's product innovation and market diversification capabilities.

Ryan Specialty (NYSE: RYAN) is in final discussions to acquire Innovisk Capital Partners from Abry Partners and BHMS Investments. Innovisk, founded in 2017, would join Ryan Specialty Underwriting Managers (RSUM) and brings a portfolio of seven specialty MGUs focusing on environmental, transactional liability, financial lines, and other insurance products. Based in London with offices in the US and India, Innovisk generated approximately $58 million in operating revenue for the 12 months ended July 31, 2024. The acquisition is expected to close early next month, though terms haven't been finalized.

Ryan Specialty reported its third-quarter 2024 results, highlighting a 20.5% increase in total revenue to $604.7 million, driven by an 11.8% organic revenue growth rate. Net income surged by 82.4% year-over-year to $28.6 million, translating to $0.09 per diluted share. Adjusted EBITDAC also saw a significant rise of 29.4% to $190.3 million, with an adjusted EBITDAC margin of 31.5%, up from 29.3% the previous year. Adjusted net income increased by 31.2% to $113.6 million, or $0.41 per diluted share. Operating expenses increased by 21.1%, primarily due to higher compensation and acquisition-related expenses. The company executed five acquisitions and issued new senior notes to strengthen its balance sheet. The board declared a regular quarterly dividend of $0.11 per share, payable on November 26, 2024. The company maintained its full-year 2024 outlook, expecting an organic revenue growth rate of 13.0%-14.0% and an adjusted EBITDAC margin of 32.0%-32.5%.