Q2 2024 Ryan Specialty Holdings Inc Earnings Call Transcript
Key Points
- Total revenue grew 18.8% year over year to $695 million, driven by organic growth of 14.2%.
- Adjusted EBITDA grew 27.6% to $248 million, with a margin expansion of 240 basis points to 35.6%.
- The acquisition of U.S. Assure is expected to be immediately accretive to adjusted EPS.
- Ryan Specialty Holdings Inc (RYAN) announced a strategic relationship with MAG Mutual and an exclusive distribution partnership with Private Client Select (PCS).
- The company has a strong succession plan with internal promotions ensuring continuity and leadership stability.
- The property market is experiencing rate moderation and stabilization after years of large increases.
- Higher interest rates have put pressure on housing starts, which could impact the newly acquired U.S. Assure's business.
- The acquisition of U.S. Assure will increase the company's leverage, raising concerns about future M&A activities.
- The cyber insurance market remains under pressure, with potential impacts from recent high-profile cyber events.
- There is uncertainty in the casualty market, with increasing loss costs and reserve adequacy concerns for recent years.
Good afternoon, and thank you for joining us today for Ryan Specialty Holdings' second quarter 2024 earnings conference call. In addition to this call, the company filed a press release with the SEC earlier this afternoon, which has also been posted to its website at ryanspecialty.com.
On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements. Investors should not place undue reliance on any forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today.
Listeners are encouraged to review the more detailed detailed discussion of these risk factors contained in the company's filings with the SEC. The company assumes no duty to update such forward-looking statements in the future, except as required by law.
Additionally, certain non-GAAP financial measures will be discussed on this call and should not be considered in isolation or as a substitute to the
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