Ryan Specialty Group Holdings has announced its results for the third quarter.
The company’s total revenue grew 49% year over year to $352.8 million, up from $236.8 million in the prior-year period. Its organic growth rate was 28.9% for the third quarter, compared to 13.6% for Q3 2020.
The company posted a net loss of $32.6 million, compared to a net income of $10.8 million in the prior-year period. The net loss included $58.6 million in one-time costs incurred by the company in A3, primarily related to its completed initial public offering. Net loss per share was $0.16.
Adjusted earnings before interest, taxes, depreciation, amortization and coronavirus (EBITDAC) increased 55.9% to $105 million, compared to $67.4 million in the prior-year period. Adjusted EBITDAC margin rose 140 basis points year over year to 29.8%.
Adjusted net income increased 51.1% to $62.9 million, up from $41.7 million in the prior-year period. Adjusted diluted earnings per share for the quarter was $0.24.
“The Ryan Specialty team didn’t miss a beat as we completed our IPO and debuted on the NYSE,” said Patrick G. Ryan, founder, chairman and chief executive officer of Ryan Specialty Group. “We delivered a very strong financial performance across the board, with organic revenue growth for the quarter eclipsing 28%, driven by our extraordinary talent, differentiated platform, ongoing broker consolidation, and a robust E&S market. In addition, our platform’s scalability facilitated another quarter of improved margins on a year-over-year basis. With the integration of All Risks in the home stretch and our exceptionally talented team of specialists, we are well positioned to maintain our momentum and execute on all phases of our game plan.”
