RYAN - Earnings call transcript Q1 2024 | Ryan Specialty Holdings, Inc.

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Operator

Good afternoon, and thank you for joining us today for Ryan Specialty Holdings First 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. review in detailed the the to risk of SEC. encouraged contained factors company's are the discussion more these Listeners filings with in The such required duty no law. the statements by company as future, to except assumes forward-looking update

GAAP measures the with non-GAAP discussed the like release, most in that, Additionally, accordance Executive over and this in in Reconciliations are SEC of accordance prepared Chief earnings and isolation as call with should now Officer which Ryan. will included the the closely to for Ryan with these in call and a considered GAAP. I'd Chairman Pat on substitute the certain to financial be the financial measures is the company's filed non-GAAP or financial turn available Founder, on comparable website. With Specialty. measures be to not information of presented

Patrick Ryan

you afternoon, Bickham; our Manager, quarter on Also is With Director me first and us Turner; with Mezick. Relations, Miles Good of CFO, our is Tim thank to of Nick discuss us underwriting results. our President, CEO our call for today's Wuller. joining Investor our and Jeremiah

very first The to the a start year. quarter strong represents

top $XXX Adjusted on of our of first and our throughout margin reflecting to growth acquisitions. improvement. underlying growth at we meaningful share. posted basis XX.X% grew right XXX momentum specialties, $X.XX and We the carried XX.X% EBITDAC EPS contribution per recent of diluted million and XXXX generated the line margin a our our XX.X%, Revenue fortify was to significant million. our expanded to program new organic a of $XXX our EBITDA first in to of year-over-year. benefits XXXX. Growth quarter grew XX.X% by Adjusted XX.X% adjusted the made ACCELERATE represents production business broad-based of bottom from across points into strong XXXX We quarter. excellent long-term Our sustainable in driven and results excellent top investments growth competitive position. business

Our results of proposition specialization. formidable and niche our clearly reflect value differentiated talent

[ competition, growth. in the of outperform very on broader to continued a and business of a year-over-year. specific was a Overall, great as significant continue acceleration ] very E&S our strong new the Casualty contributor, in Property our also strong we performance even prior growth. captured quarter. be reflected on to year. I'm accelerated We saw pleased with in strong tailwinds top and areas capitalized We growth

delivering better our Our service value unmatched. is industry-leading clients to team's dedication for and

market. the to remain trends Turning positive.

growth the to any We flow continue outpace in market Overshadowing lines respect admitted with cyclical consistently shifts market. in and believe will certain submission, the E&S pricing. to

to seeing We in the are changes market. of we're driving that continue growth most E&S the believe secular

turning M&A. Now to

Castel Agencies. differentiated top by have capital. Through and Underwriting our authority We completed talent acquisition we delegated adding this offering our bolstered of transaction, intellectual

European U.K. M&A to also the Ryan to We pleased team ambitious. set and We're forward footprint this expansion. in accelerate look outlook the on enhanced our have remains Specialty. Further Castel our and significantly we stage international board business front, on to and great integrating our the

including robust, deals. and both be continues Our tuck-ins to pipeline large

previously overall value dynamic of providing and around is we clients As our proposition. evolving aligned our continue a partners, noted, strategy the our to trading growing and needs

met. considerable insurance, risks Each intellectual accretive. scope as committed addressable alternative particularly must our scale, as our and M&A by are are within in strong only fit, a and well We with forward of move our benefits total market moat criteria delegated We expanding strategic acquisition specialty be capital. our targeted to cultural authority, for enhancing with and all investments deepening

Turning to talent.

We to the commitment investments to us to position drive believe growth. across enabled our our ongoing specialties investment innovation us onboarded constant to and future that successfully team firm's organic achieve talent will world-class remain consistently our quarter. first for We will industry-leading and prospects our our has people new important Our in grow We believe adding through greatest these asset. colleagues, decades.

Turning to ACCELERATE XXXX.

As $XX and innovation over expect term special us XXXX our will in through to improvement. sustainable lasting we longer increases additional the scale cumulative generate resulting of faster, enhance continue with to move and to the both approximately model, deliver XXXX. These execute benefits $XXX growth our margin drive approximately opportunities savings continued program, charges and to million enabling accelerate productivity end in we clients. of on up of million investments We the identified now annual to operating

organic are We future systems and inorganic of growth. significant handling and creating platforms capable that are

and to to of becoming by as our off will through position M&A, an Adding be as secular is increasing driven risk and panel are growth Retail XXXX larger complexity. momentum firm. quarter confident factors, will growth high-growth that we encouraged this and such well businesses. second strategies our outstanding by organic continue consolidation. the for solid continued ahead, our as brokers year our specialties. I'm a strong competitive We is start unique with and each Looking believe across to be

our sustainable Our expansion our We development supportive and total and ability of new product remain of market. growth the for confident innovate future. to these addressable the foreseeable with trends are

performance Tim. pleased As always, our to clients, ultimately, it want and to delivering partners thank for Tim? shareholders. I'm to turn and our over team dedication adding their value and entire once trading I our excellent again for

Timothy Turner

you strong had very We to a our very start XXXX across much, Pat. specialties. Thank

remains our to year. Diving team into sustain momentum specialties. the entire that throughout determined Our

Our growth. Wholesale strong generated specialty Brokerage

prone flow of an events coast including in and risk quarter, new great storms, had a concentrations areas. continues of risk, high increase continue storms, With other elevated of secondary factors to losses. catastrophe driving the as floodplains, we continued driving inflation moderating convective And will higher to we these year industry. Add yet an and hurricanes see of costs. expect loss frequency for a top for believe the business property our wildfire above-average both expectations loss concerns We and same on and retention into for talented all top risks are E&S in providing through market the market large of areas property severity mind The great win on and channel. from competitors. is this, be and Our like navigating market named to remain focus we property professionals exposures dynamic our number persistent practice At bench our growing successfully laser high-value of a continue of the perils, deep to environment retention of up by of to our year. of to time, be value of impacted this continuously we severe in prior our even believe clients, share and more levels attritional

pullback higher be a for growth in as our we Specialty property seen quarter. and quarters broadly, number by to increasing cases, the more will marked a year's from has practice prolonged strong value our nuclear unpredictability had and continue lapped last inflation by the increased construction. This to like positioned E&S our world-class bench classes recent We impact of judgments recent and thanks casualty technical market adequacy the verdicts, charges casualty accident protracted we level of admitted More fantastic quarter face in of the driver rising certain for and higher an risk years, believe appetite excellent social deep Ryan even specific in perfectly clients. ahead, A requires the to amplified litigation product frequency reserve of expertise and and as costs. Notably, loss acceleration from knowledge, on more as continued settlements, an in uncertainty finance. XXXX deliver lines years are XXXX well industry market reserve to execute

innovative to our strong confident contributor our needs that a team will and strategies specialty meet Brokerage of Wholesale XXXX to to be delivering casualty the clients. are committed products We our Overall, performance. ever-changing remains

our Underwriting which specialties, authority both Now turning Binding to and delegated include Management.

high-caliber and a excellent seamless but place new P&C proprietary had quarter for through to specialty Authority products, clients experience offer talent who commercial Binding tough risks. have our Our an our small we

remains the opportunity, believe consolidation long-term growth binding panels to positioned in to continue of authority well are we capitalize. and We a

and from and Our meaningful Underwriting led specialty recent Management quarter. in our well performed property casualty by contributions acquisitions. also the

to and accelerate the expands international top family we to stronger us onboard our in our to noted, Pat Europe, positions the us footprint talent our to decile international excited and expansion. As Castel Specialty which makes are Ryan well U.K. adds officially

price. to Turning

terms environment. of more insurers freedom pricing of uncertainty the continue and of an lines, This and of more is property after offers casualty ability it there across remains broadly, both to and due and is to stabilization period trends insurance underwriters an increases, the in marketplace significantly rate is of various increasing we quickly. the risks important the loss two as pricing and trends; seeing classes. coverage cycles more driving the more earlier, a E&S pricing form into mentioned for While conditions adjust industry see we major these to across seeing micro and in years Across experience of large acceleration number classes, heightened

lines adequacy, to perceived As we've noted reach on to tend consistently in any as certain are admitted placements. pricing back certain step in markets cycle

is this standard the out, flow impacted the still playing However, is not in aggregate. market and not rate or meaningfully

to partners all trading ever-changing positioned assist well our an are We landscape. navigate insurance

now expect business Chief rate. With of first who more I detail on Financial market Thank our to of financial so Officer, Ryan more call turn give growth you. non-admitted of flow be than Specialties Bickham, the to will to continue the We the that, a will our driver you into significant the Jeremiah over results quarter.

Jeremiah Bickham

Tim. you, Thank

current highlighted for year is excluded in the period, investment methodology revenue income in performance, company representation income want press This commissions of it business fiduciary I completely results our fiduciary core into calculation revised our commissions and we prior the now its change our an getting growth. release. Beginning this of quarter, improved modifying whereas the the and between periods. to method discuss removes calculating organic quarter, contingent the Before and change before, from contingent as only is

and providing continues the the widely formulation This more impact new we calculation that disclosure revenue a will M&A we calculation useful. very of investors and to a result, current used additional course, is as from FX believe the find are exclude year. Of methodology

XX.X%, our quarter very to growth amounts X EBITDAC our to turning Growth market of renewal retention, new substantial first strong XX.X% million. share. to ability strong quarter EBITDAC savings from margin dividend, a revenue partial line. business. Adjusted declared board win grew percentage by M&A, later special regular quarter per shareholders In first the regular to in In very again payable returned contributions we the including E&S top total to a and dividend the today, $X.XX quarterly improvement driven XXX million, point once by this at through basis another tailwinds The our XX.X%. to Adjusted period-over-period EPS and XX.X% both revenue to $X.XX period-over-period grew our Earlier of quarter. added XXXX diluted another underlying for and strong $XXX a was ACCELERATE by grew quarterly growth, month. from Now much of quarter, business. capital revenue ongoing and improved we fueled points margin Adjusted the to XX.X% the nearly of which $XXX QX, driven organic in dividend. of

to million. quarter, $XX program. total million Turning $XX in XXXX our had We approximately to bringing charges our for to the date ACCELERATE

we to expect noted, million found greater through in cumulative million efficiencies We the $XXX special approximately savings. approximately XXXX. Pat XXXX, opportunities and charges of of As the additional expect now more annual drive savings program $XX and for of end

expense expect income we interest million expect operating be to we QX expect of business an savings will savings expansion on XXXX savings forecast, most million margin funds current including in our approximately in underlying to $XX that majority realized record our will is Those falling with We of bottom half in interest of line. our in of GAAP years, $XXX these approximately with and XXXX. Based be in XXXX. on those which the paired our net

was $X.XXX on Our adjusted for rate ] expect tax a Based environment, current remainder [ the the of effective the similar tax quarter. we rate for XXXX.

revenue guidance. the XXXX our growth, for to method Under maintaining are turning full revenue for guidance legacy organic year organic growth. calculating Now we

forward, between solely under for will the our XX.X%. adjusting full now XX.X% year guidance reporting is Now methodology, which the revised be we and modified XXXX going for

quarter our with products are summary, EBITDAC adjusted margin several maintaining strong businesses, XX.X%. In we first and of addition, in share performance of we market and in are technology, as In guidance expanding while grew we all very invested pleased our our XX.X% margin. talent,

organically to to business will and sustainable invest growth. our forward, Moving support profitable in continue we

we acquisitions, We returning value our will cash, excess disciplined continue M&A execute with shareholders. create strategy our maintain which high-quality should long-term sheet of balance all and to will while sustainable for strong on

like to to for to thank Operator? continues model you that, the our would that business and differentiated and serve and dynamic for to Ryan Our clients us solutions open call our time your deliver expect a well innovative we Q&A. hallmark have position up as of clients Specialty. With come the

Operator

is Fargo. [Operator Instructions] Our first Wells with Greenspan question Elyse from

Elyse Greenspan

quarter, organic similar growth guess, accounting question, to just, it's you it change sounds highlighted. like the I first that last view, right, My your minus

some staffing and in help Over within states and some data largest overall the of growth in seen means E&S couple out we've April. we the triangulate saw stamping what strength past of comes for some just within of some volatility March months, the data went that the the from then E&S that what market? down Can like us see you we

Timothy Turner

Sure, what that's we feel a could remains can or quarter, strong, that misleading very quarters. saw have stamping it here. issues, prior the full very and about really calendar office and and -- in Elyse. But even flow as be the We the helpful month see. very a a we on questions stamping timing over monthly it several is year, office remains And data numbers

growth a double-digit full measured But they stamping are strong, through growth Our the again, over trends very flow. better data year. remain office

Elyse Greenspan

guys And right? second you a to to question, program, there savings see but then change also the the my amount margin expect wasn't year, guide. And raise you raised the this that

margin that it ]? and -- guidance? X -- around relative there's know I there's a you're be [ and you is obviously a can to just just offsets the could So that Or some range

Jeremiah Bickham

question. fair Elyse,

fall that So are you saves our at but year. this in to play that them, the from like I a And a half just higher to way think that guide. we through two positive, present additional hit interest bottom there's Accelerate. These would what too, of to of rate And cuts possibility few we've not of while going we come represent which likelihood program of are a from high know the benefit line. on the year. also, the And only is margin sure And variables they're saves $XX -- there's variables the Remember go million said margin a end the we're I'm rest of both the fewer will mean, the what though. well. year this to long of as majority, still all, the these the that just range about

Elyse Greenspan

and is the property pretty on casualty quarters? you then think growth. of just of It higher QX organic Is stabilizing. remaining X quarters, what are anything paying seem heavier versus that terms And guess, mix the we Okay. but could there anything right? your lower see guys positive maybe of I be perspective, attention slightly would property in to, and QX market, I back should in know, in said you a from X growth I highlight terms the cadence of the

Timothy Turner

are very We're before, Casualty, channel. be that increasing in XXXX. across fantastic talked practice driver We pricing. a strong In habitational. stands seeing the about to mentioned nothing increase No, before, flow transportation, us an we've classes, it significant can in in a the into Elyse. our a some And pricing property, we've classes continues see of higher casualty in had quarter. of trends driving number out, loss really acceleration for

However, years market. towards risks we some and the of of stabilization we're growth it in the non-admitted we're admitted difficult business. opportunities What is after lines mixed is seeing volatility, property increases. But large because is so seeing throughout data standard pricing see the layered, being slanted market more more much

in and growth it season As see this very wind it's about we're that. opportunity excited We you ] the buying a [ a know, second year. quarter, as

Jeremiah Bickham

And that Elyse, seasonality try to to there's our to business. be want to helpful. I and add

infer terms trend at if growth. quarters just QX anyway get is a look as you -- our seasonality a answer that, dollars, wrong any to And you seasonality not likely X of a said there's and as from you're our answer. to in we've but So you organic predictable right biggest are

the because please of is an out give will why inferring versus X view the best higher people year gave the mistake just the follows of first or to quarter. make individual other. in So turn That's place possible lower don't a than quarter guidance we trend how the

Operator

Zaremski Our with Markets. next from question is Mike Capital BMO

Michael Zaremski

to because lot have But quarter. it's a would -- have way. of guide don't I XX.X% later out time the XX% organic was figure the a to okay, new good queue in we -- the in -- hoping improved kind to to last of is the XX% so organic under definition? be the got been old the new XX.X% used What under being

Jeremiah Bickham

definition is about by our XX% is changed new -- it improve this expectation just old calculation The XX.X%. changing organic methodology to year. just The XX.X% we because was could XX%. XX And the under is, guide that reason basis range is points the to

really guide the we and on confident, we're we more apples-to-apples So spoke. apples-to-apples even the we're confident definitely guide in guide last We're to reiterating were be this but transparent just to range range, more give basis. an ability our In just trying deliver you range. than time an

Michael Zaremski

Okay.

So back maybe about your you Or would XX% still... thinking original definition? been gave quarter went am to the just What it your we new I have it's I'm -- but under last to when but XX.X%. if the correctly, not

Jeremiah Bickham

If we had change of quarter, out last annual an have guide with XX.X% we come the to XX%. would made range

Michael Zaremski

Okay.

bps making this way. XX Just

Okay.

want Just to...

Jeremiah Bickham

worth the It's more And be expected profit bps typically QX actually pronounced that is in difference year. commissions is pronounced in when to more there's this because QX it's more hit. XX

Michael Zaremski

Okay. bearing with me on that.

Underwriting rate. at that past. growing growing you by don't like look But business us incremental the the wholesale I we -- maybe and about Management disproportionately segment. but a break to Binding you'd obviously, where are can whereas and investors is heading, anything segments we focus maybe lines, and if very lot changing us healthy business given little and on three -- add side is and a still too largest some anything you've organic color feel much follow-up of at sell a out the [indiscernible] But My the Authorities Okay. the mix incremental know it's anything kind in you these want I is of

add you So to too? kind anything on patterns, of maybe more what's seasonality this want other and driving

Jeremiah Bickham

material a at, some impact being own. growth And a were mean the business the more underwriting Mike, give authority of but because growth. you're even looking the both on year. be terrific, until color, the Underwriting ] to housed it it's management Remember, like in XX-plus broken quarter. it's on where out is -- I its this Management. delegated there's I'll probably [ significant M&A revenue Well, total last businesses in numbers numbers That's giddy that's percent benefits enough

So if a that's give part story. more the But the you a Miles fulsome prospects, number to, big that's much you're color on that. reacting can longer-term of growth

Miles Wuller

Look, question. the appreciate we

So it, I heart double-digit think at definitely of the to is the underwriting trajectory. contributing yes, organic

And that as is into statement lines management coming lines partners seeing deployed. business Last the and revenue. And organic the I of a year, include of ingredients capital increased in we to highlighted under we -- did launched to we've was our with Last several through We on this launched into earnings QX majority year. already delivered think year. MGUs. each year, this being that life. capital as incremental several to MGUs benefit all of of new tangential year, we're lot they're to that quarter in brought of well we carrier year. the we're And greater last place we last existing now structurally, one the our then able continue lastly,

management, seeing year. organic into under so we're those flow of increases this again, And capital

So to that's let binding. I'll line, comment the specific on and underwriting Tim

Timothy Turner

there. the of Authority 'XX looks capitalizing Binding being of We're Authority great lot the We're and just of consolidation quarter. use a seeing the by a for winning fantastic. expansion retailers. RFPs market and outlook the share intermediaries tremendous on taken Binding Our We're had first

Operator

Cox is from with Goldman next Our question Sachs. Rob

Robert Cox

price that's organic year? but it more think to property still and in about quarter is there's of Just also we've lot meaningful lot deceleration. there's pacing I how regards I an next the seems know it the there balance strong, a property and cat, for a like heard to area business growth are think some property where and of of

quarter. So I'm that's think curious if just headwind you a next

give any of could year. sort of the pacing organic of on remainder you color throughout the If the growth

Timothy Turner

continued We're We don't a at not headwind. We the seeing see a non-admitted optimistic shift of We're cuts stabilization. seeing as into flow all. again, little the in in have heavy property. dramatic and We're business. the remains a more in flow a seeing we're But migration very seeing it great the channel. not We're bit the strong. to see competition year London. pricing

Jeremiah Bickham

And can't Yes. a the in that response property something question, sorry, I to line. of to casualty year is out follow with be said, the to more this on nothing and straight any Elyse's the helpful. quarters I'm for guide significant really you year there's growth Rob, growth But big this Like we doesn't shift. chimed building we a Tim worth balanced calling to that's the in year. expect across

Robert Cox

also was that have your guys you out. I did just in That's the also a construction as helpful. the on Okay. peers M&A up the you really out material guys quarter? D&O like how see some follow-up. I seems did in tailwind quarter? been might in I was which -- a you And of previously the have And headwinds maybe called then for the of some it projects, on have think shape It called areas the specific curious past, just curious those headwinds, like

Timothy Turner

construction Yes. strong real market We've a rebound. the seen have

infrastructure Our project board, picked time particular, more increased has ratios increased. quote bind bind construction lot lag up capturing We're and to projects opportunities residential quote the in across a that our to decreased. business from construction

very optimistic be tailwinds year have to a great the D&O where slowed. have in So construction we're would

grow to getting through We're D&O care areas we're pain E&O service. the like lawyers, clearly book and address phase. in executive book then 'XX. could Pat slowed, I see there headwinds We think growth and opportunities social some see tougher opportunities health pro the have on in like in and M&A. our moderation architect continues things And that the we engineers, the on

Patrick Ryan

been announced opening short is well the in of comments, open Ryan There's answer to deals sellers the on your all quiet, calendar. dialogues, where pipeline. that flow very we a very strong. we strategic because in of just most are us are M&A of is of high engaged deals question, a of in have in, We've XX a acquisitions often choice time on. And pretty seasonality choice. strong, that short engaged half We've sustained. M&A to theme that's Yes. discussions. as no of opportunities, very and as we're the my periods we've destination for I that historically, of period. We'll Specialty deals we're And periods of But a over preferring encountered working then done, value more progress multiple discussions encouraging we that said the is several the the outlook made exciting the robust were the being in destination The

Miles Wuller

Miles. just it I'll a practice. liability in. Robert, warranty rep On this jump tax and is as transactional pertains like and to

there tailwinds. are So

believe materially liability is industry. the back volumes ticking deal practice transactional our M&A we up, global outpacing are So

market times that those I during 'XX. several think we transactional everybody and talent reach to contracting. be in recall, bearing will had And we great the contributors been expect fruit, as liability, heavily we are XXXX all decisions geographic to was and highlighted investing

Operator

[Operator KBW. next Shields from Meyer is Our Instructions] question with

Meyer Shields

last still reinsurance you year just the terms points. business mental primary was [ property companies you one with had could E&S level that's much hoping Tim, attachment the I in to of was guess because that I maybe higher ] dealing deeper model I migrating had go

left moved over. I'm overly E&S business to wondering And of posed cat now? kind the simplistically, go So to maybe what's

Timothy Turner

to always market We and see big factor. a get just head-to-head competition. That's opportunities share

of business back. As don't there's you We competition see know, sign the of this on going any all migration business.

taking that So measurable, only we from business The that's very and opportunities business real E&S impact did terms move flow an taking call. But it. notice be very would of And it E&S we making still flow it, the there's Meyer, did competition standard but carrier our in in way. strong U.S. London. in of back. opportunities, in There's We see away hardly mention marketplace. we coming just strong terms last see around on of the no a don't our market,

have still having and opportunities out very, It's very we're more layer layered fact, In robust these shared to towers. and there. on

Meyer Shields

Okay. That's very helpful.

I that adjusted G&A as and then this trend we decelerate probably expect for on comp $XX million went to year savings on accelerate start G&A went others. the so one is we hand, comp then bottom ratios, next the up. or When The seeing think Should and look or at line starting this down the Jeremiah. the we year? of year-over-year, at

Jeremiah Bickham

are additional on new between the like spend lines But on in we too. And the some upfront our have sure. expenses revenue to work. issues And change some coming we even of we that planned going T&E side see we'll see this too year-over-year. there events some quarters So scaling in also are on that scaling will third-party incur G&A, time, some over particular, of in comp quarter, to were for timing related

be going side, call -- to on the be XX comp So see in to come going the over to more overall, see probably to next you're it's next quarters. scaling but bit both, the pronounced trending I quicker it's little a X say to going in -- would it, you're going

Operator

Our with next question Alison is from UBS. Jacobowitz

Alison Jacobowitz

great you on wondering, touched just you're what was seeing you're I opportunities that seeing internationally.

wondering So you you're some seeing highlight focused dive domestic? seeing a of if little that. into any, are if you -- most you versus could are some dramatic the and be maybe might Where there, there there deeper what differences

Miles Wuller

from We there. levers highlight want with Yes. Castel I to appreciate we benefited acquisition. that. the No, several And

company. and like-minded down underwriting allowed businesses. So to lines us profitability brought with some of and take it's also leadership those to to local it a that Benelux resources building XXX getting surprise not we to few that It on top region, to entrepreneurs a local and And to the essentially based deal rep warranty. But approach track brought in on-the-ground of going brought renewables, facilities, distributors the in city, you in first, record the are in U.K. lot that us individuals of going an all believe meet want capabilities those that those going city great and SME, great deeply it it's double jurisdictions new talent it to actually XX folks. identifying presence, like-minded be a in to builders,

And as as this market international start-ups. us identify helping opportunities. of force speed the will in to multiplier so increase team M&A well a be

Patrick Ryan

European ground those in I'd international, a Europe particularly that as ground consolidation fertile bring U.K., wholesale Innovative it with to of they're delegated U.K. insurance work the on carriers product. each innovative and for but see countries. but ideas of -- very one existing various of or capital There's over delegated a in ideas parts an in countries, or providers the the opportunity with servicing or like They authority. industry. the on add of we fertile different been companies fewer of and including lot new far great broking, to the not us are some for there authority allows

de right So requires, and delegated attracting as that's it's we look it's experiences. plus And said, know we M&A wide why possibly that talent there some exciting great There's record. other novos over a we authority. the the Europe open. quite the we international, U.K., so talent, underwriting Castel from believe It that we particularly think can was Miles do and acquisition at really opportunities of a as and a lot But

Operator

are Pat closing time. And back remarks. [Operator Instructions] no for I this the questions call at will to there Ryan turn and gentlemen, Ladies further

Patrick Ryan

evening. and and your for speaking and to you. soon, again for have of continued Thank we good your interest look our good forward Well, very with you thank support questions -- you a

Operator

today's Thank concludes your This participation. you for conference.

disconnect your at may lines time. this You

Ryan Specialty (RYAN) 2 May 242024 Q1 Earnings call transcript