Who Owns Ryan Specialty Group Company?

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Who Owns Ryan Specialty Group?

Understanding a company's ownership is key to grasping its strategic direction and accountability. Ryan Specialty Group Holdings, Inc.'s journey included an IPO in July 2021, introducing a dual-class share structure to balance founder control with public investment. Examining Ryan Specialty's ownership reveals insights into its governance and long-term strategy.

Founded in 2010 by Patrick G. Ryan, a notable entrepreneur also behind Aon Corporation, Ryan Specialty is an international specialty insurance firm. Headquartered in Chicago, it focuses on innovative solutions for complex risks, offering wholesale brokerage and underwriting management.

As of August 2025, Ryan Specialty Holdings boasts a market capitalization of approximately $7.58 billion. The company reported strong Q2 2025 results, with total revenue at $855.2 million and trailing 12-month revenue of $2.81 billion as of June 30, 2025. This performance underscores the importance of its ownership structure, which we will explore further, including the influence of its founder, institutional investors, and public shareholders, as detailed in our Ryan Specialty Group PESTEL Analysis.

Ryan Specialty Group was established in 2010 by Patrick G. Ryan, a prominent figure in the insurance industry with a distinguished 41-year tenure at Aon Corporation. His vision was to create a holding company dedicated to providing specialized services within the insurance sector. The company's operational foundation was laid in December 2009 with the commencement of its first subsidiary, ThinkRisk, which focused on wholesale brokerage and underwriting management.

Founding Vision

Patrick G. Ryan founded Ryan Specialty Group with a focus on specialized insurance services, leveraging his extensive industry experience.

Early Operations

The company's initial operations began with ThinkRisk in late 2009, concentrating on wholesale brokerage and underwriting management.

Founder's Control

Leading up to the 2021 IPO, the 'Ryan Parties' maintained significant control, holding a substantial 75.1% interest in the company.

Early Investment

Private equity firm Onex Corporation was an early investor, injecting over $300 million in 2018 and acquiring a notable stake.

Strategic Direction

The founder's substantial equity position directly influenced the company's early strategic direction and operational philosophy.

Company Structure

Ryan Specialty Group was established as a holding company, with its subsidiaries providing specialized insurance services.

While precise initial equity distributions are not publicly disclosed, subsequent filings confirm the significant ownership by the 'Ryan Parties' prior to the company's 2021 Initial Public Offering (IPO). This substantial stake, amounting to 75.1%, highlights the founder's enduring influence and control over the company's trajectory. The early backing from private equity firm Onex Corporation, which invested over $300 million in 2018, also played a crucial role in the company's development. The founding team's commitment to specialized expertise and innovation was a cornerstone of the company's strategy, driving its growth and early acquisitions. Understanding the Marketing Strategy of Ryan Specialty Group provides further insight into their early market positioning.

Founders and Early Ownership Details

The early ownership structure of Ryan Specialty Group was heavily influenced by its founder, Patrick G. Ryan, and his associated entities.

• Founded in 2010 by Patrick G. Ryan.
• First subsidiary, ThinkRisk, began operations in December 2009.
• 'Ryan Parties' held 75.1% ownership before the 2021 IPO.
• Onex Corporation invested over $300 million in 2018.
• Founder's vision emphasized specialized expertise and innovation.

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Ryan Specialty Group Holdings, Inc. transitioned to a publicly traded entity on July 22, 2021, with its Initial Public Offering (IPO) on the New York Stock Exchange under the ticker 'RYAN'. This event significantly altered the company's ownership landscape, introducing public market investors while retaining a strong influence from its founder.

The ownership structure of Ryan Specialty Group is notably influenced by a dual-class share system, which grants superior voting rights to Class B common stock. This structure was established at the time of its IPO, allowing the founder and initial investor group, referred to as the 'Ryan Parties,' to retain approximately 70.9% of the total voting power immediately after the offering. This arrangement is designed to facilitate the founder's continued leadership and strategic direction. As of 2025, Patrick G. Ryan remains the largest individual shareholder, holding 117.80 million shares, which constitutes 44.67% of the company's equity and is valued at approximately $6.96 billion. This aligns with the company's Brief History of Ryan Specialty Group, highlighting the founder's enduring impact.

Key Shareholders of Ryan Specialty Group

Institutional investors are significant holders of Ryan Specialty Group stock, collectively owning 84.82% of the company's shares as of Q1 2025. This broad institutional ownership indicates confidence from major financial entities.

• Vanguard Group Inc.: 10.32 million shares (3.91%) as of June 30, 2025.
• BlackRock Inc.: 10.05 million shares (3.81%) as of June 30, 2025.
• Capital World Investors: 6.61 million shares (2.51%) as of June 30, 2025.
• Principal Financial Group Inc.: 3.63 million shares (1.38%) as of June 30, 2025.
• State Street Corp: 3.42 million shares (1.30%) as of June 30, 2025.
• Onex Corporation: 4.15 million shares (1.57%) as of 2025.

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The governance of Ryan Specialty Group Holdings, Inc. is significantly influenced by its Board of Directors, with founder Patrick G. Ryan holding the position of Executive Chairman. Post-IPO, the 'Ryan Parties' were granted the ability to nominate all but one director, ensuring their substantial strategic input.

Ryan Specialty Group employs a dual-class share structure, where Class B common stock carries ten votes per share, compared to one vote per share for Class A common stock. This structure means that Patrick G. Ryan and his affiliated entities, holding the majority of Class B shares, controlled approximately 70.9% of the total voting power immediately following the IPO. This arrangement grants them considerable influence over the company's direction and director elections, irrespective of potential future dilution in economic ownership. The conditions for the termination of this high-vote structure are outlined in the company's certificate of incorporation, including events such as the death or disability of Patrick G. Ryan, or if Class B shares fall below 10% of the combined Class A and Class B stock. While shareholder advocacy groups often express concerns regarding dual-class structures due to potential impacts on accountability, there have been no widely reported proxy battles or activist campaigns concerning Ryan Specialty Group's ownership structure.

Understanding Ryan Specialty Group's Voting Power

The control structure at Ryan Specialty Group is designed to maintain founder influence. This is primarily achieved through a dual-class share system.

• Class B shares offer 10 votes per share.
• Class A shares offer 1 vote per share.
• The 'Ryan Parties' held significant voting power post-IPO.
• This structure impacts the election of directors and strategic decisions.
• Learn more about the company's guiding principles in our article on the Mission, Vision & Core Values of Ryan Specialty Group.

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Over the last three to five years, Ryan Specialty Group's ownership has evolved significantly, particularly following its July 2021 IPO. This public offering brought the company to market, attracting a diverse range of institutional investors and marking a new era for its shareholder base.

Institutional investors now hold a dominant position in Ryan Specialty Group, reflecting a strong confidence in the company's strategic direction and market performance. As of Q1 2025, these entities collectively owned 84.82% of the company's stock, a substantial increase that highlights the growing appeal of Ryan Specialty Group to large investment funds.

Institutional Dominance

Institutional investors are the primary holders of Ryan Specialty Group stock. Their collective ownership reached 84.82% in Q1 2025, underscoring the company's appeal to large investment funds.

Key Stakeholder Shift

In May 2023, Onex Corporation reduced its significant early investment by selling a substantial portion of its stake. This move allowed for a wider distribution of shares among institutional investors.

Strategic Growth and Ownership

Recent acquisitions, such as Velocity Risk Underwriters and USQ Risk in Q1 2025, and J.M. Wilson in July 2025, are expanding the company's market reach. These strategic moves can influence the overall capital structure and ownership distribution.

Founder's Continued Influence

Despite some insider selling by executives and directors, Patrick G. Ryan remains the largest individual shareholder. His significant control is maintained through the company's dual-class share structure, which is a key aspect of Ryan Specialty Group's ownership structure.

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