Ryan Specialty is a specialty insurance intermediary that operates between retail brokers and insurance carriers, primarily in the Excess & Surplus (E&S) market — the segment of insurance that handles complex, unusual, or high-hazard risks that standard carriers won't cover. Ryan Specialty does not sell insurance to end customers and deliberately has no retail operations, which management argues reduces channel conflict and makes Ryan Specialty a preferred wholesale partner for retail brokers. Ryan Specialty operates through two broad functions: wholesale brokerage, where it matches retail brokers to carriers on complex risks without binding authority, and delegated underwriting authority, where it acts as a managing general agent (MGA) or managing general underwriter (MGU) with authority to design, price, and bind policies on behalf of carriers. Delegated authority accounts for roughly 47% of revenue. Ryan Specialty earns commissions and fees as a percentage of premiums placed, paid by carriers, and shares a portion with retail brokers. Revenue is driven by premium volume, insurance pricing cycles, and the secular flow of risks into the E&S channel. Ryan Specialty pursues growth through organic talent investment, de novo MGA/MGU formations, and acquisitions — the company has completed over 60 deals since inception. In FY25, Ryan Specialty launched "Project Empower," a restructuring program targeting $80M in annual savings by 2029. Capital allocation priorities are M&A first, followed by dividends and share repurchases.