What smart money is saying about Ryan Specialty Holdings, Inc.
1 fund in our archive has pitched Ryan Specialty Holdings, Inc. — most recently Vulcan Value Partners in December 2025.
Ryan Specialty Group Holdings, Inc. operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers. It offers distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter. The company was founded in 2010 and is headquartered in Chicago, Illinois.
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Position history
Between Q4 2025 and Q2 2026, 7 fund letters reported a position in Ryan Specialty Holdings, Inc. — 3 opened or added to the position, 4 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 6 | 2 | 4 | 0 |
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
Fund activity · 7 positions · 7 moves
- June 2026
“On the sell side, we exited specialty insurance distributor Ryan Specialty due to softer insurance conditions, margin pressure and AI- related uncertainty; Silicon Laboratories following its proposed acquisition by Texas Instruments; cosmetics and skin care maker e.l.f. Beauty as execution and innovation concerns weakened the thesis; and medical device company Penumbra following its announced acquisition by Boston Scientific.”
Ryan Specialty Holdings, Inc. - June 2026
“We exited positions in Becton Dickinson and UCB in the health care sector, Webster Financial, MGIC Investment and Ryan Specialty Holdings in the financials sector, American Homes 4 Rent in the real estate sector and TFI International in the industrials sector.”
Ryan Specialty Holdings, Inc. - June 2026
“We added to our position in Ryan early in the quarter when its price to value ratio was more attractive.”
Ryan Specialty Holdings, Inc. - June 2026
“Ryan Specialty Holdings, Inc., reported 11.8% organic revenue growth during the first quarter. However, the company cut its 2026 organic revenue outlook to mid-single-digit growth from its prior outlook of high-single-digit growth. The excess and surplus (E&S) market continues to grow submissions (volumes) at robust levels, but 25% to 35% property rate declines are pressuring premium growth. For instance, in 2025 total E&S premiums grew by 8%, while submissions grew by 14%. For the first six months of 2026, California E&S premiums grew 4%, while submissions grew 23%. Florida E&S premiums declined 6%, while submissions grew 15%. Texas E&S premiums grew 5%, while submissions grew 21%. These three states report monthly stamping data and together they account for roughly 45% of the E&S market. We are encouraged to see the continued robust submission growth, and we believe the rate pressure is a short-term phenomenon, not a structural issue. In late May, Ryan increased its share repurchase authorization by an additional $300MM after exhausting its first ever authorization in the first five months of 2026. In early June, five insiders bought stock on the open market including Pat Ryan, Founder & Executive Chairman, and Janice Hamilton, CFO. Ryan’s stock price was volatile during the second quarter while its value remained stable. We added to our position in Ryan early in the quarter when its price to value ratio was more attractive.”
Ryan Specialty Holdings, Inc. - June 2026
“The investment case for Ryan Specialty has been pressured by a softening insurance (pricing) cycle. We failed to recognise how quickly operating trends deteriorated. Ryan Specialty’s competitive position remains strong, and management continue to invest countercyclically in talent and technology. We have exited the position, however, and continue to monitor the pricing trends closely with a view to re-investing once the pricing environment stabilises.”
Ryan Specialty Holdings, Inc. - June 2026
“The investment case for Ryan Specialty has been pressured by a softening insurance (pricing) cycle. We failed to recognise how quickly operating trends deteriorated. Ryan Specialty’s competitive position remains strong, and management continue to invest countercyclically in talent and technology. We have exited the position, however, and continue to monitor the pricing trends closely with a view to re-investing once the pricing environment stabilises.”
Ryan Specialty Holdings, Inc. - March 2026
“We have been buying RYAN.”
Ryan Specialty Holdings, Inc.
Fund coverage · 1 thesis
- Vulcan Value PartnersDecember 2025
Ryan Specialty Holdings, Inc. is a leading E&S insurance broker with stable margins and robust free cash flow in a structurally growing market, currently trading below intrinsic value due to temporary pricing headwinds.
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