CHICAGO - Ryan Specialty Holdings, Inc. (NYSE: RYAN), an international specialty insurance organization, has unveiled changes to its executive leadership team at RT Specialty, the company's wholesale brokerage division. The promotions, which will take effect on October 1, 2024, align with the company’s strategy for growth and its leadership succession plan.
Edward F. McCormack is set to become the Chief Executive Officer of RT Specialty. McCormack has been with the division since its founding in 2010, serving in various roles including President since 2016, as well as Chief Operating Officer and General Counsel. His leadership is expected to continue the division's strategic and client-focused initiatives.
Brenda (Ballard) Austenfeld and Michael T. VanAcker will step into the roles of Co-Presidents of RT Specialty. Austenfeld, who is the current CEO and President of RT National Property, will maintain her current responsibilities alongside her new position. She brings over three decades of industry experience and holds leadership roles in the Wholesale & Specialty Insurance Association and the Council of Insurance Agents and Brokers.
VanAcker, who has dedicated his career to the insurance industry, joined Ryan Specialty in 2011 and has served as Executive Vice President of RT Specialty, among other positions.
These executive promotions follow the recent announcement of a leadership succession plan within Ryan Specialty. Founder, Chairman, and CEO Patrick G. Ryan will transition to Executive Chairman, while Timothy W. Turner, currently President of Ryan Specialty and Chairman and CEO of RT Specialty, will ascend to CEO of Ryan Specialty and retain his position as Chairman of RT Specialty.
Tim Turner expressed his enthusiasm for the promotions, noting the strategic leadership qualities and significant experience of the newly appointed executives. He emphasized the team's ability to foster strong relationships within the industry and their commitment to delivering exceptional service.
Ryan Specialty, founded in 2010, provides specialty insurance solutions including distribution, underwriting, product development, administration, and risk management services. RT Specialty, a part of Ryan Specialty, is recognized for distributing specialty insurance products and services.
This executive leadership team restructuring is based on a press release statement from Ryan Specialty Holdings, Inc.
In other recent news, Ryan Specialty Group has been making significant strides in the insurance brokerage landscape. The company recently reported a robust first quarter in 2024 with revenues reaching $552 million, a 20.6% increase year-over-year. Adjusted EBITDAC also rose by 25.8% to $157 million, with margins expanding to 28.5%.
Ryan Specialty Group's growth is further strengthened by its ACCELERATE 2025 initiative, which is projected to yield annual savings of about $60 million by 2025. The recent acquisition of Castel Underwriting Agencies has also expanded its presence in the UK and European markets.
In terms of analyst coverage, BofA Securities recently initiated coverage on Ryan Specialty Group with a buy rating, suggesting that the company's valuation does not fully reflect its above-average growth prospects. However, Wolfe Research has adjusted its stance on the company, shifting the stock's rating from Outperform to Peer Perform, following the company's latest financial guidance and strategic updates.
InvestingPro Insights
As Ryan Specialty Holdings, Inc. (NYSE: RYAN) positions itself for strategic growth with recent executive promotions, the financial metrics provided by InvestingPro offer a window into the company's market performance and valuation. With a significant market capitalization of $14.78 billion, the company stands as a substantial player in the specialty insurance industry.
InvestingPro Tips suggest that RYAN is expected to see net income growth this year, a positive sign for investors looking for profitability. Additionally, the company has been profitable over the last twelve months, reinforcing the strength of its financial position. With a high earnings multiple of 103.36 and a price/book ratio of 26.67, RYAN trades at premium valuations, reflecting the market's high expectations for its future performance. The company's sizable price increase of 33.61% over the last six months indicates robust investor confidence in its growth trajectory.
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