Ryan Specialty is an international specialty insurance intermediary that operates as the second-largest U.S. P&C insurance wholesale broker and largest P&C managing underwriter, serving approximately 35,000 retail brokerage firms and over 350 insurance carriers through three core business lines: wholesale brokerage that places complex and hard-to-place risks for retail brokers, binding authority operations that provide delegated underwriting authority to insurers, and underwriting management services through managing general agents and underwriters that develop specialty insurance products. The company generates revenue primarily through commissions and fees earned by distributing insurance across property, casualty, professional lines, transportation, workers' compensation, and employee benefits, with a strong focus on the excess and surplus lines market where coverage flexibility enables tailored solutions for unique and emerging risks. The firm leverages a network of over 700 revenue-generating producers, deep carrier partnerships, and a strategy of avoiding conflicts with retail brokers to compete in an increasingly consolidated market.