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Ryan Specialty Holdings, Inc. announced leadership changes in its top executive team. Effective October 9, 2025, the board appointed Stephen P. Keogh as Co-President and Chief Operating Officer and Brendan M. Mulshine as Co-President and Chief Revenue Officer, succeeding Jeremiah Bickham as President.
Keogh, age 59, has been the Company’s Chief Operating Officer since May 2025 and previously held senior leadership roles at Aon plc over more than three decades. Mulshine, also 59, has served as Executive Vice President and Chief Revenue Officer since 2020 after earlier leadership roles at the Company and at Aon Re. The Company states that any changes to their compensation have not yet been determined.
Bickham and the Company agreed that he will transition from his role as President effective October 8, 2025 and serve as a non-employee strategic advisor through January 1, 2026. The filing notes relevant family relationships for Mulshine with the Company’s Founder and a board member and confirms there are no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K.
Ryan Specialty Holdings reported that Michael G. Bungert was appointed to the board by unanimous written consent on September 3, 2025 and began functioning as a director on September 12, 2025. The Form 3 discloses that the reporting person does not beneficially own any securities of the issuer. The filing includes a power of attorney exhibit and was signed by an attorney-in-fact on September 18, 2025.
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.
Ryan Specialty Holdings, Inc. appointed Michael G. Bungert to its Board of Directors and its Compensation and Governance Committee, effective September 3, 2025. His initial term runs until the 2026 annual stockholder meeting, when any continued service would require renomination and stockholder approval.
He will receive standard non-employee director pay, including a restricted stock unit grant with a grant date fair value of $200,000, prorated for his partial year of service, that fully vests on the grant date. Each RSU equals one share of Class A common stock. He is also entitled to $120,000 per year in cash compensation, paid quarterly, with no extra cash for his committee role. The company will enter into its standard indemnification agreement with him.
Ryan Specialty Holdings director Ryan Patrick G Jr reported modest incremental purchases of Class A common stock and dividend reinvestment activity that together increased his reported beneficial ownership by 100 shares to 256,194.053 shares. The filing shows earlier dividend reinvestment acquisitions on 03/18/2025, 05/27/2025, and 08/26/2025 that were attributed to the reporting person’s spouse and originally qualified for deferred reporting under Rule 16a-6. The most recent open-market purchase recorded is 100 shares at $55.54 on 09/02/2025. The filing discloses direct ownership and indicates these transactions were reported by one reporting person.
Ryan Specialty Holdings director Ryan Patrick G Jr reported small incremental purchases of Class A common stock during 2024 through dividend reinvestment, increasing his beneficial holdings to 256,080.503 shares by year-end. Transactions listed show four reinvestment acquisitions at prices ranging from $54.61 to $74.70, with share increments of 12.972, 4.311, 3.677, and 3.543. The filer notes some shares were acquired by the reporting person’s spouse under pre-existing brokerage dividend reinvestment elections.
RYAN Q2-25 (10-Q) highlights:
- Total revenue rose 23% YoY to $855.2 M, driven by Wholesale Brokerage +7%, Binding Authority +17% and an 73% surge in Underwriting Management.
- Operating income grew 16% to $191.1 M; operating margin slipped 120 bp to 22.3% as compensation and amortization outpaced top-line growth.
- Net income attributable to RYAN increased 11% to $52.0 M; diluted EPS up to $0.38 (vs $0.37).
- Six-month view: revenue +24% to $1.55 B, but EPS fell 63% to $0.18 on sharply higher amortization (+130%) and interest expense (+86%).
- Interest expense climbed to $58.3 M in the quarter, reflecting higher borrowings; long-term debt now $3.41 B (+6% YTD).
- Cash & equivalents fell to $172.6 M (-68% YTD) after $565 M cash spent on three acquisitions: Velocity Risk Underwriters, USQRisk Holdings and 360° Underwriting. Goodwill rose to $3.09 B.
- Operating cash flow improved 37% to $210.8 M; however free cash flow was negative due to acquisition spend.
- Shares outstanding: 128.0 M Class A, 135.7 M Class B as of 7/28/25.
Key takeaways: Strong organic and acquisitive growth continues, but leverage, amortization charges and TRA obligations are weighing on net earnings and liquidity.