Quarterly Period Covered: Q2 2026 (six months ended June 30, 2026) with comparative periods to Q2 2025 and H1 2025 Company Structure: Insurance agents, brokers & services company (SIC 6411) based in Chicago, IL; formerly known as Ryan Specialty Group Holdings, Inc. and Maverick Specialty, Inc. Financial Data Included: Consolidated financial statements with segment reporting, balance sheet data as…

Our analysis rates this filing CAUTIOUS. The elevated concern level (5.8/10) reflects a balanced but cautious picture. Ryan Specialty Holdings is executing an aggressive growth strategy through rapid acquisitions, which creates material execution and integration risks - particularly the…

Concern level: ELEVATED (5.8/10). Key factors: Acquisition integration risk escalated to material level - 4 acquisitions completed in 6 months (Feb-July 2025) representing aggressive M&A pace well above historical norms for insurance brokers; High-severity interest rate and derivative exposure (severity 5/10) creating non-operating earnings volatility independent of core brokerage operations;…

Notable risk changes: Significant M&A acceleration: 4 acquisitions completed in H1 2025 (Velocity Risk Underwriters Feb 3, USQ Risk Holdings May 1, A360 Underwriting May 16, J.M. Wilson July 1) creating material integration execution risk and potential for future impairments; Interest rate derivative exposure disclosed through XBRL data showing non-operating income sensitivity to interest rate changes - creates…

The model predicts RYAN will underperform the S&P 500 by about 0.0% over 30 days (model confidence 65%). This is model analysis for research, not investment advice.