HIGHBuilt-inProduct / Revenue mix
78%
E&S market
“10-K Item 1: 'For the year ended December 31, 2025, 78% of the total premiums we placed were in the E&S market.'”
RYAN · Concentration risk · 10-K extracted
Ryan Specialty Holdings (RYAN) concentration risks
Updated
The most significant concentration Ryan Specialty Holdings discloses is E&S market at 78%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Ryan Specialty Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
25.2%
top 5 retail brokers
“10-K Item 1A: 'The top five retail brokers with which we place business represented 25.2% and 26.9% of our revenues for the years ended December 31, 2025 and 2024, respectively.'”
LOWOutside partyCounterparty
20.6%
top 5 insurance carriers
“10-K Item 1A: 'The top five insurance carriers (excluding all Lloyd's syndicates combined) for which we place business represented an aggregate of 20.6% and 20.9% of our revenues'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is anchored by a high-share product orientation toward the excess and surplus lines market, with moderate customer and carrier concentrations layered underneath. For the year ended December 31, 2025, 78% of total premiums placed were in the E&S market — a high share by disclosed size and structural in character, reflecting a deliberate positioning in the specialty insurance segment where standard admitted carriers typically do not compete. This concentration is a defining feature of the business model rather than an idiosyncratic dependency, and its direction is stable given the intentional focus on non-standard and complex risks. At the distribution level, the top five retail brokers with which business is placed represented 25.2% of revenues for the year ended December 31, 2025 — a medium-share, dependency-type exposure. While the company is a wholesale intermediary, it relies on retail brokers to generate submissions, meaning the volume of business flowing through the top five relationships matters for revenue. At the carrier level, the top five insurance carriers (excluding all Lloyd's syndicates combined) represented 20.6% of revenues — a low-share dependency, indicating the carrier panel is reasonably diversified and no single underwriter absorbs a dominant share of placed business. Together the profile is coherent: a high-share E&S specialty orientation sits atop a moderate broker concentration and a relatively diffuse carrier panel. The dominant risk is that market conditions shift the relative attractiveness of E&S versus admitted insurance, compressing the addressable volume for the company's specialty focus.
For the engine’s reasoning on RYAN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Insurance - Specialty
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| RYAN● | Ryan Specialty Holdings, Inc. | 1 | 1 | 1 | 3 |
| ESNT | Essent Group Ltd. | 1 | 0 | 1 | 2 |
| AXS | Axis Capital Holdings Limited | 0 | 1 | 4 | 5 |
| ACT | Enact Holdings, Inc. | 0 | 1 | 1 | 2 |
| AGO | Assured Guaranty Ltd. | 0 | 0 | 0 | 0 |
| FAF | First American Corporation (New | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.