E&S Market ConcernsKey Risk is E&S market slowing: While RYAN should be able to navigate a moderating specialty market, industry E&S DPW growth has slowed.
Margin PressureInvestments to support growth are expected to pressure margins, which may compress through the end of 2026 and add execution risk.
Market RisksRisks to our rating include reliance on carrier contracts for delegated underwriting authority and organic growth sensitivities to P&C insurance pricing, inflation, and economic conditions.