[Form 4] RYAN SPECIALTY HOLDINGS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase reported: The Form 4 shows that Patrick G. Ryan, Executive Chairman, Director and 10% owner of Ryan Specialty Holdings, Inc. (RYAN), acquired 276,634 shares of Class A common stock on 09/12/2025 at a weighted-average price of $51.8384 per share. The filing states these purchases were executed in multiple transactions priced between $51.39 and $52.12 and were conducted in accordance with Rule 10b-18 market purchase conditions.

Post-transaction holdings: After the reported purchases, the filing reports 13,699,959 shares beneficially owned indirectly by the reporting person through living trusts and 55,475 shares beneficially owned indirectly in trusts and entities for a family member. The purchases were made 50% in each of two named living trusts, with the reporting person and spouse as co-trustees.

Insights

Corporate Governance Expert

TL;DR: Significant insider purchases increase insider alignment with shareholders and signal confidence in the company.

The reported acquisition of 276,634 Class A shares by Patrick G. Ryan, executed through living trusts and in compliance with Rule 10b-18, demonstrates insider capital deployment into company equity. The filing clarifies the ownership structure as largely indirect via trusts and indicates purchases were split evenly between two trusts. From a governance perspective, material insider purchases by an executive-chairman and 10% owner typically strengthen alignment between management and external investors.

Securities Analyst

TL;DR: Insider buying is noteworthy but provides no new operational or financial performance data.

The Form 4 documents market purchases totaling 276,634 shares at a weighted average of $51.8384 on a single transaction date. While insider purchases can be a positive signal, this filing contains no revenue, earnings, or change in guidance. Investors should treat this as an ownership update rather than company performance disclosure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RYAN PATRICK G

(Last) (First) (Middle)

155 NORTH WACKER DRIVE, SUITE 4000

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RYAN SPECIALTY HOLDINGS, INC. [ RYAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/12/2025		P		276,634	A	$51.8384(1)	13,699,959	I	By Insider Living Trusts(2)
Class A Common Stock								55,475	I	See Footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $51.39 to $52.12, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the ranges set forth in this footnote. All shares were purchased in accordance with the daily volume and other limitations and requirements of Rule 10b-18.

2. By reporting person and spouse, as co-trustees of the Patrick G. Ryan Living Trust dated July 10, 2001 and the Shirley W. Ryan Living Trust dated July 10, 2001, with the reported purchases made 50% in each trust.

3. Represents Class A Common Stock, par value $0.001, of the Issuer held in trusts and other entities for the benefit of the reporting person's family member.

Remarks:

	/s/ Mark S. Katz, as Attorney-in-Fact	09/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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