Ryan Specialty (RYAN) 10-Q31 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40645
Entity Registrant Name	RYAN SPECIALTY HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2526344
Entity Address, Address Line One	155 N. Wacker Drive
Entity Address, Address Line Two	Suite 4000
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	784-6001
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	RYAN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001849253
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		125,171,615
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		136,670,204

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUE
Net commissions and fees	$ 588,129	$ 487,345	$ 1,806,264	$ 1,507,878
Fiduciary investment income	16,565	14,593	45,917	36,808
Total revenue	604,694	501,938	1,852,181	1,544,686
EXPENSES
Compensation and benefits	393,249	329,212	1,180,825	989,294
General and administrative	88,684	69,288	247,518	202,595
Amortization	39,182	29,572	97,711	79,125
Depreciation	2,467	2,201	6,820	6,570
Change in contingent consideration	(365)	1,848	813	4,358
Total operating expenses	523,217	432,121	1,533,687	1,281,942
OPERATING INCOME	81,477	69,817	318,494	262,744
Interest expense, net	49,388	31,491	109,916	89,840
(Income) from equity method investment in related party	(4,182)	(2,271)	(13,510)	(5,882)
Other non-operating loss	16,590	67	18,575	37
INCOME BEFORE INCOME TAXES	19,681	40,530	203,513	178,749
Income tax expense (benefit)	(8,962)	24,827	16,155	42,772
NET INCOME	28,643	15,703	187,358	135,977
Net income attributable to non-controlling interests, net of tax	11,054	20,750	106,447	97,786
NET INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	17,589	(5,047)	80,911	38,191
Class A Common Stock
EXPENSES
NET INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	$ 17,589	$ (5,047)	$ 80,911	$ 38,191
NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK:
Basic (in dollars per share)	$ 0.15	$ (0.04)	$ 0.67	$ 0.34
Diluted (in dollars per share)	$ 0.09	$ (0.04)	$ 0.59	$ 0.34
WEIGHTED-AVERAGE SHARES OF CLASS A COMMON STOCK OUTSTANDING:
Basic (in shares)	121,915,952	115,872,327	119,383,234	113,291,850
Diluted (in shares)	272,686,269	115,872,327	271,283,392	124,883,523

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 28,643	$ 15,703	$ 187,358	$ 135,977
Net income attributable to non-controlling interests, net of tax	11,054	20,750	106,447	97,786
NET INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	17,589	(5,047)	80,911	38,191
Other comprehensive income (loss), net of tax:
Gain (loss) on interest rate cap	(2,891)	2,760	2,853	7,628
(Gain) on interest rate cap reclassified to earnings	(2,441)	(2,215)	(7,011)	(5,518)
Foreign currency translation adjustments	6,658	(567)	7,177	(179)
Change in share of equity method investment in related party other comprehensive income (loss)	(149)	(267)	985	270
Total other comprehensive income (loss), net of tax	1,177	(289)	4,004	2,201
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	$ 18,766	$ (5,336)	$ 84,915	$ 40,392

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 235,199	$ 838,790
Commissions and fees receivable – net	334,637	294,195
Fiduciary cash and receivables	3,357,047	3,131,660
Prepaid incentives – net	8,309	8,718
Other current assets	84,165	62,229
Total current assets	4,019,357	4,335,592
NON-CURRENT ASSETS
Goodwill	2,341,340	1,646,482
Customer relationships	1,283,489	572,416
Other intangible assets	69,167	38,254
Prepaid incentives – net	15,449	15,103
Equity method investment in related party	62,444	46,099
Property and equipment – net	45,703	42,427
Lease right-of-use assets	122,617	127,708
Deferred tax assets	486,432	383,816
Other non-current assets	32,505	39,312
Total non-current assets	4,459,146	2,911,617
TOTAL ASSETS	8,478,503	7,247,209
CURRENT LIABILITIES
Accounts payable and accrued liabilities	206,185	136,340
Accrued compensation	325,120	419,560
Operating lease liabilities	21,489	21,369
Tax Receivable Agreement liabilities	22,721	0
Short-term debt and current portion of long-term debt	33,316	35,375
Fiduciary liabilities	3,357,047	3,131,660
Total current liabilities	3,965,878	3,744,304
NON-CURRENT LIABILITIES
Accrued compensation	52,261	24,917
Operating lease liabilities	148,487	154,457
Long-term debt	2,646,550	1,943,837
Tax Receivable Agreement liabilities	432,406	358,898
Deferred tax liabilities	21,162	55
Other non-current liabilities	110,227	41,097
Total non-current liabilities	3,411,093	2,523,261
TOTAL LIABILITIES	7,376,971	6,267,565
STOCKHOLDERS’ EQUITY
Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2024 and December 31, 2023)	0	0
Additional paid-in capital	500,518	441,997
Retained earnings	124,973	114,420
Accumulated other comprehensive income	7,080	3,076
Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc.	632,833	559,754
Non-controlling interests	468,699	419,890
Total stockholders’ equity	1,101,532	979,644
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	8,478,503	7,247,209
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	125	119
Class B Common Stock
STOCKHOLDERS’ EQUITY
Common stock	137	142
Class X common stock
STOCKHOLDERS’ EQUITY
Common stock	$ 0	$ 0

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	500,000,000	500,000,000
Preferred stock, issued (in dollars per share)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	125,096,524	118,593,062
Common stock, outstanding (in shares)	125,096,524	118,593,062
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	136,724,772	141,621,188
Common stock, outstanding (in shares)	136,724,772	141,621,188
Class X common stock
Common stock, par value (in dollars per share)		$ 0.001
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	640,784	640,784
Common stock, outstanding (in shares)	0	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 187,358	$ 135,977
Adjustments to reconcile net income to cash flows provided by operating activities:
(Income) from equity method investment in related party	(13,510)	(5,882)
Amortization	97,711	79,125
Depreciation	6,820	6,570
Prepaid and deferred compensation expense	25,220	8,882
Non-cash equity-based compensation	61,664	54,136
Amortization of deferred debt issuance costs	21,838	9,125
Amortization of interest rate cap premium	5,216	5,216
Deferred income tax expense (benefit)	(1,959)	11,745
Deferred income tax expense from reorganization	0	20,679
Loss on Tax Receivable Agreement	646	478
Changes in operating assets and liabilities, net of acquisitions:
Commissions and fees receivable – net	21,514	3,875
Accrued interest liability	2,260	(4,293)
Other current and non-current assets	(12,826)	10,935
Other current and non-current accrued liabilities	(146,724)	(86,233)
Total cash flows provided by operating activities	255,228	250,335
CASH FLOWS FROM INVESTING ACTIVITIES
Business combinations – net of cash acquired and cash held in a fiduciary capacity	(1,256,732)	(366,149)
Capital expenditures	(29,705)	(16,013)
Repayments of prepaid incentives	0	228
Total cash flows used in investing activities	(1,286,437)	(381,934)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Senior Secured Notes	595,200	0
Borrowings on Revolving Credit Facility	850,000	0
Repayments on Revolving Credit Facility	(850,000)	0
Debt issuance costs paid	(16,771)	0
Proceeds from term debt	107,625	0
Repayment of term debt	(8,250)	(12,375)
Payment of contingent consideration	0	(4,477)
Tax distributions to non-controlling LLC Unitholders	(65,833)	(52,633)
Receipt of taxes related to net share settlement of equity awards	26,502	7,786
Taxes paid related to net share settlement of equity awards	(18,516)	(7,091)
Dividends paid to Class A common shareholders	(66,507)	0
Distributions to non-controlling LLC Unitholders	(16,754)	0
Payment of accrued return on Ryan Re preferred units	(2,047)	0
Net change in fiduciary liabilities	90,700	36,832
Total cash flows provided by (used in) financing activities	625,349	(31,958)
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	5,641	(828)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY	(400,219)	(164,385)
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance	1,756,332	1,767,385
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance	1,356,113	1,603,000
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity
Cash and cash equivalents	235,199	754,370
Cash and cash equivalents held in a fiduciary capacity	1,120,914	848,630
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	$ 1,356,113	$ 1,603,000

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests
Beginning balance (in shares) at Dec. 31, 2022		112,437,825	147,214,275
Beginning balance at Dec. 31, 2022	$ 817,812	$ 112	$ 147	$ 418,123	$ 53,988	$ 6,035	$ 339,407
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,457				13,160		23,297
Issuance of common stock (shares)		3,468
Exchange of LLC equity for common stock (in shares)		792,358	792,358
Exchange of LLC equity for common stock	0	$ 1	$ (1)	1,430			(1,430)
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes	(395)			(395)
Distributions declared for non-controlling interest holders’ tax	(15,382)						(15,382)
Change in share of equity method investment in related party other comprehensive income	584					214	370
Gain (loss) on interest rate cap, net	(6,140)					(2,251)	(3,889)
Foreign currency translation adjustments	783					285	498
Equity-based compensation	17,879			17,740			139
Ending balance (in shares) at Mar. 31, 2023		113,233,651	146,421,917
Ending balance at Mar. 31, 2023	851,598	$ 113	$ 146	436,898	67,148	4,283	343,010
Beginning balance (in shares) at Dec. 31, 2022		112,437,825	147,214,275
Beginning balance at Dec. 31, 2022	817,812	$ 112	$ 147	418,123	53,988	6,035	339,407
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	135,977
Ending balance (in shares) at Sep. 30, 2023		118,222,528	142,026,335
Ending balance at Sep. 30, 2023	941,241	$ 118	$ 141	442,304	92,179	8,236	398,263
Beginning balance (in shares) at Mar. 31, 2023		113,233,651	146,421,917
Beginning balance at Mar. 31, 2023	851,598	$ 113	$ 146	436,898	67,148	4,283	343,010
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	83,817				30,078		53,739
Issuance of common stock (shares)		104,196	21,006
Exchange of LLC equity for common stock (in shares)		1,871,084	1,871,084
Exchange of LLC equity for common stock	0	$ 2	$ (2)	3,474			(3,474)
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes	449			449
Distributions declared for non-controlling interest holders’ tax	(21,992)						(21,992)
Change in share of equity method investment in related party other comprehensive income	868					323	545
Gain (loss) on interest rate cap, net	10,250					3,816	6,434
Foreign currency translation adjustments	279					103	176
Equity-based compensation	18,649			12,104			6,545
Ending balance (in shares) at Jun. 30, 2023		115,208,931	144,571,839
Ending balance at Jun. 30, 2023	943,918	$ 115	$ 144	452,925	97,226	8,525	384,983
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15,703				(5,047)		20,750
Issuance of common stock (shares)		426,647	41,446
Issuance of common stock	2,694			2,694
Exchange of LLC equity for common stock (in shares)		2,586,950	2,586,950
Exchange of LLC equity for common stock	0	$ 3	$ (3)	4,804			(4,804)
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes	(19,834)			(32,970)			13,136
Distributions declared for non-controlling interest holders’ tax	(18,104)						(18,104)
Change in share of equity method investment in related party other comprehensive income	(672)					(267)	(405)
Gain (loss) on interest rate cap, net	1,374					545	829
Foreign currency translation adjustments	(1,446)			(17)		(567)	(862)
Equity-based compensation	17,608			14,868			2,740
Ending balance (in shares) at Sep. 30, 2023		118,222,528	142,026,335
Ending balance at Sep. 30, 2023	941,241	$ 118	$ 141	442,304	92,179	8,236	398,263
Beginning balance (in shares) at Dec. 31, 2023		118,593,062	141,621,188
Beginning balance at Dec. 31, 2023	979,644	$ 119	$ 142	441,997	114,420	3,076	419,890
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	40,677				16,535		24,142
Issuance of common stock (shares)		9,449
Exchange of LLC equity for common stock (in shares)		134,959	134,959
Exchange of LLC equity for common stock	0			240			(240)
Class A common stock dividends and Dividend Equivalents	(42,418)				(42,418)
Distributions and Declared Distributions to non-controlling LLC Unitholders	(5,766)						(5,766)
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes	(78)			(78)
Distributions declared for non-controlling interest holders’ tax	(22,177)						(22,177)
Change in share of equity method investment in related party other comprehensive income	3,780					1,510	2,270
Gain (loss) on interest rate cap, net	4,805					1,918	2,887
Foreign currency translation adjustments	(1,024)					(408)	(616)
Equity-based compensation	17,310			17,297			13
Ending balance (in shares) at Mar. 31, 2024		118,737,470	141,486,229
Ending balance at Mar. 31, 2024	974,753	$ 119	$ 142	459,456	88,537	6,096	420,403
Beginning balance (in shares) at Dec. 31, 2023		118,593,062	141,621,188
Beginning balance at Dec. 31, 2023	979,644	$ 119	$ 142	441,997	114,420	3,076	419,890
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	187,358
Ending balance (in shares) at Sep. 30, 2024		125,096,524	136,724,772
Ending balance at Sep. 30, 2024	1,101,532	$ 125	$ 137	500,518	124,973	7,080	468,699
Beginning balance (in shares) at Mar. 31, 2024		118,737,470	141,486,229
Beginning balance at Mar. 31, 2024	974,753	$ 119	$ 142	459,456	88,537	6,096	420,403
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	118,038				46,787		71,251
Issuance of common stock (shares)		270,510	8,992
Issuance of common stock	2,168			989			1,179
Exchange of LLC equity for common stock (in shares)		331,150	331,150
Exchange of LLC equity for common stock	0			598			(598)
Equity awards withheld for settlement of employee tax obligations	(284)						(284)
Class A common stock dividends and Dividend Equivalents	(13,764)				(13,764)
Distributions and Declared Distributions to non-controlling LLC Unitholders	(5,758)						(5,758)
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes	508			709			(201)
Distributions declared for non-controlling interest holders’ tax	(22,829)						(22,829)
Change in share of equity method investment in related party other comprehensive income	(940)					(376)	(564)
Gain (loss) on interest rate cap, net	(1,860)					(744)	(1,116)
Foreign currency translation adjustments	2,309					927	1,382
Equity-based compensation	20,895			16,378			4,517
Ending balance (in shares) at Jun. 30, 2024		119,339,130	141,164,071
Ending balance at Jun. 30, 2024	1,073,236	$ 119	$ 142	478,130	121,560	5,903	467,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,643				17,589		11,054
Issuance of common stock (shares)		1,123,824	32,262
Issuance of common stock	6,978	$ 1		3,307			3,670
Forfeiture of common stock (in shares)		(1,883)
Exchange of LLC equity for common stock (in shares)		4,635,453	4,471,561
Exchange of LLC equity for common stock	0	$ 5	$ (5)	8,005			(8,005)
Class A common stock dividends and Dividend Equivalents	(14,176)				(14,176)
Distributions and Declared Distributions to non-controlling LLC Unitholders	(5,622)						(5,622)
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes	8,131			8,131
Distributions declared for non-controlling interest holders’ tax	(21,952)						(21,952)
Change in share of equity method investment in related party other comprehensive income	(353)					(149)	(204)
Gain (loss) on interest rate cap, net	(12,729)					(5,332)	(7,397)
Foreign currency translation adjustments	15,917					6,658	9,259
Equity-based compensation	23,459			2,945			20,514
Ending balance (in shares) at Sep. 30, 2024		125,096,524	136,724,772
Ending balance at Sep. 30, 2024	$ 1,101,532	$ 125	$ 137	$ 500,518	$ 124,973	$ 7,080	$ 468,699

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Nature of Operations Ryan Specialty Holdings, Inc., (the “Company”) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. These services encompass distribution, underwriting, product development, administration, and risk management by acting as a wholesale broker and a managing underwriter or a program administrator with delegated authority from insurance carriers. The Company’s offerings cover a wide variety of sectors including commercial, industrial, institutional, governmental, and personal through one operating segment, Ryan Specialty. With the exception of the Company’s equity method investment, the Company does not take on any underwriting risk. The Company is headquartered in Chicago, Illinois, and has operations in the United States, Canada, the United Kingdom, Europe, and Singapore. The Company’s Class A common stock is traded on the New York Stock Exchange under the ticker symbol “RYAN”. Organization Ryan Specialty Holdings, Inc., was formed as a Delaware corporation on March 5, 2021, for the purpose of completing an IPO and to carry on the business of the LLC. New Ryan Specialty, LLC, or New LLC, was formed as a Delaware limited liability company on April 20, 2021, for the purpose of becoming, subsequent to our IPO, an intermediate holding company between Ryan Specialty Holdings, Inc., and the LLC. The Company is the sole managing member of New LLC. New LLC is a holding company with its sole material asset being a controlling equity interest in the LLC. The Company operates and controls the business and affairs of the LLC through New LLC and, through the LLC, conducts its business. Accordingly, the Company consolidates the financial results of New LLC, and therefore the LLC, and reports the non- controlling interests of New LLC’s Common Units on its consolidated financial statements. As the LLC is substantively the same as New LLC, for the purpose of this document, we will refer to both New LLC and the LLC as the “LLC”. As of September 30, 2024 , the Company owned 47.8% of the outstanding LLC Common Units. Basis of Presentation The accompanying unaudited consolidated interim financial statements and notes thereto have been prepared in accordance with U.S. GAAP. Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC for interim financial information. These consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. In the opinion of management, the unaudited consolidated interim financial statements include all normal recurring adjustments necessary to present fairly the Company’s consolidated financial position, results of operations, and cash flows for all periods presented. Certain prior period amounts in the Consolidated Statements of Cash Flows have been reclassified to conform to the current year presentation. Principles of Consolidation The unaudited consolidated interim financial statements include the accounts of the Company and its subsidiaries that it controls due to ownership of a majority voting interest or pursuant to variable interest entity (“VIE”) accounting. All intercompany transactions and balances have been eliminated in consolidation. The Company, through its intermediate holding company New LLC, owns a minority economic interest in, and operates and controls the businesses and affairs of, the LLC. The LLC is a VIE of the Company and the Company is the primary beneficiary of the LLC as the Company has both the power to direct the activities that most significantly impact the LLC’s economic performance and has the obligation to absorb losses of, and receive benefits from, the LLC, which could be significant to the Company. Accordingly, the Company has prepared these consolidated financial statements in accordance with Accounting Standards Codification 810, Consolidation (“ASC 810”). ASC 810 requires that if an entity is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE should be included in the consolidated financial statements of such entity. The Company’s relationship with the LLC results in no recourse to the general credit of the Company and the Company has no contractual requirement to provide financial support to the LLC. The Company shares in the income and losses of the LLC in direct proportion to the Company’s ownership percentage. Use of Estimates The preparation of the unaudited consolidated interim financial statements and notes thereto requires management to make estimates, judgments, and assumptions that affect the amounts reported in the unaudited consolidated interim financial statements and in the notes thereto. Such estimates and assumptions could change in the future as circumstances change or more information becomes available, which could affect the amounts reported and disclosed herein. Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies from those that were disclosed for the year ended December 31, 2023 , in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024. Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures , which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740) — Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. New Accounting Pronouncements Recently Adopted In March 2024, the FASB issued ASU 2024-01 Compensation — Stock Compensation (Topic 718) — Scope Application of Profits Interest and Similar Awards, which provides illustrative examples to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interests and similar awards should be accounted for in accordance with Topic 718. This ASU is effective for public companies for fiscal years beginning after December 15, 2024, but early adoption is permitted. The Company adopted this standard retrospectively on January 1, 2024, with no material impact to the consolidated financial statements or disclosures. In March 2024, the FASB issued ASU 2024-02 Codification Improvements — Amendments to Remove References to the Concept Statements, which removes references to various FASB Concepts Statements in order to simplify the Codification and draw a distinction between authoritative and nonauthoritative literature. This ASU is effective for public companies for fiscal years beginning after December 15, 2024, but early adoption is permitted. The Company adopted this standard prospectively on January 1, 2024, with no material impact to the consolidated financial statements or disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
Revenue from Contracts with Customers	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes revenue from contracts with customers by Specialty: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Wholesale Brokerage $ 346,666 $ 308,872 $ 1,114,240 $ 976,338 Binding Authority 76,497 69,245 245,762 208,547 Underwriting Management 164,966 109,228 446,262 322,993 Total Net commissions and fees $ 588,129 $ 487,345 $ 1,806,264 $ 1,507,878 Contract Balances Contract assets, which arise primarily from the Company’s supplemental and contingent commission arrangements and medical stop loss business, are included within Commissions and fees receivable – net on the Consolidated Balance Sheets. The contract assets balance was $18.5 million and $13.4 million as of September 30, 2024 and December 31, 2023 , respectively. For contract assets, payment is typically due within one year of the completed performance obligation. The contract liability balance related to deferred revenue, which is included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $11.2 million and $7.8 million as of September 30, 2024 and December 31, 2023 , respectively. During the three and nine months ended September 30, 2024 , $0.5 million and $7.1 million , respectively, of the contract liabilities outstanding as of December 31, 2023 , was recognized in revenue.

Mergers and Acquisitions

Mergers and Acquisitions	9 Months Ended
Mergers and Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Mergers and Acquisitions	Mergers and Acquisitions 2024 Acquisitions On May 1, 2024 , the Company completed the acquisition of Castel Underwriting Agencies Limited (“Castel”), a managing general underwriting platform headquartered in London, England, for cash consideration of $247.6 million , $2.2 million of RYAN Class A common stock, and contingently returnable consideration of $4.9 million . On August 30, 2024 , the Company completed the acquisition of US Assure Insurance Services of Florida, Inc. (“US Assure”), a program specializing in builder’s risk insurance headquartered in Jacksonville, Florida, for cash consideration of $1,079.8 million and contingent consideration of $103.8 million . On September 1, 2024 , the Company completed the acquisition of certain assets of Greenhill Underwriting Insurance Services, LLC (“Greenhill”), an MGU focused on the allied health industry headquartered in Houston, Texas, for cash consideration of $11.7 million . On September 13, 2024 , the Company completed the acquisition of the Property and Casualty (“P&C”) MGUs owned by Ethos Specialty Insurance, LLC (“Ethos P&C”) for cash consideration of $44.0 million . Ethos P&C is composed of eight programs which underwrite on behalf of insurance carriers . The $103.8 million of contingent consideration liabilities and $4.9 million of contingently returnable consideration established for the acquisitions that occurred during the nine months ended September 30, 2024 , were measured at the estimated acquisition date fair value and were non-cash investing transactions. These arrangements are based on specified revenue or EBITDA targets over the next three fiscal years. The following table summarizes the estimated fair value of the aggregate assets and liabilities acquired during the nine months ended September 30, 2024 : Castel US Assure Greenhill Ethos P&C Total Cash and cash equivalents $ 10,294 $ 7,181 $ 314 $ — $ 17,789 Commissions and fees receivable – net 10,657 50,111 46 — 60,814 Fiduciary cash and receivables 119,333 122,136 3,222 — 244,691 Goodwill 2 190,602 457,847 7,268 24,246 679,963 Customer relationships 1 97,820 670,300 4,158 21,100 793,378 Other intangible assets 875 9,900 — — 10,775 Lease right-of-use assets 1,269 2,256 — — 3,525 Other current and non-current assets 1,277 606 — — 1,883 Total assets acquired $ 432,127 $ 1,320,337 $ 15,008 $ 45,346 $ 1,812,818 Accounts payable and accrued liabilities 1,138 9,284 — — 10,422 Accrued compensation 43,538 3,084 49 1,371 48,042 Fiduciary liabilities 119,433 122,136 3,222 — 244,791 Operating lease liabilities 1,269 2,256 — — 3,525 Deferred tax liabilities 2 21,816 — — — 21,816 Total liabilities assumed $ 187,194 $ 136,760 $ 3,271 $ 1,371 $ 328,596 Net assets acquired $ 244,933 $ 1,183,577 $ 11,737 $ 43,975 $ 1,484,222 1 The acquired customer relationships have a weighted average amortization period of 13.8 years . 2 Includes a correction of an error to the purchase price allocation for the Castel acquisition, which resulted in an increase to Deferred tax liabilities and Goodwill of $24.6 million . The table above shows the deferred tax liabilities net of deferred tax assets of $2.8 million . Estimated tax deductible goodwill of $545.6 million was generated as a result of the acquisitions above. The Company recognized acquisition-related expenses, which include advisory, legal, accounting, valuation, and other costs related to diligence, for the acquisitions above of $5.3 million and $11.4 million during the three and nine months ended September 30, 2024 , respectively , in General and administrative expense on the Consolidated Statements of Income (Loss). In conjunction with the closing of the Castel acquisition, the deal-contingent foreign currency forward (the “Deal- Contingent Forward”), as described in Note 11 , Derivatives , was settled. The Company recognized an aggregate $24.5 million and $33.8 million of revenue related to the acquisitions above from their respective acquisition dates for the three and nine months ended September 30, 2024 , respectively. 2023 Acquisitions On January 3, 2023 , the Company completed the acquisition of certain assets of Griffin Underwriting Services (“Griffin”), a binding authority specialist and wholesale insurance broker headquartered in Bellevue, Washington, for cash consideration of $115.5 million . On July 1, 2023 , the Company completed the acquisitions of certain assets of ACE Benefit Partners, Inc. (“ACE”), a medical stop loss general agent headquartered in Eagle, Idaho, and Point6 Healthcare, LLC (“Point6”), a distributor of medical stop loss insurance on behalf of retail brokers and third-party administrators headquartered in Plano, Texas, for an aggregate $46.8 million of cash consideration and $2.3 million of contingent consideration. During nine months ended September 30, 2024 , a measurement period adjustment related to the initial valuation of contingent consideration of $0.6 million was recognized in Goodwill on the Consolidated Balance Sheets. On July 3, 2023 , the Company completed the acquisition of Socius Insurance Services (“Socius”), a national wholesale insurance broker headquartered in Northern California, for $253.5 million of cash consideration, $5.8 million of contingent consideration, and $2.7 million of RYAN Class A common stock. On December 1, 2023 , the Company completed the acquisition of AccuRisk Holdings, LLC (“AccuRisk”), a medical stop loss MGU headquartered in Chicago, Illinois, for $98.3 million of cash consideration. During the nine months ended September 30, 2024 , a measurement period adjustment related to the initial valuation of contingent consideration of $0.3 million was recognized in Goodwill on the Consolidated Balance Sheets. Estimates and assumptions used in the acquisition valuations are subject to change within the measurement period up to one year from each acquisition date. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information presents the combined results of operations of the Company as if the 2024 and 2023 acquisitions, excluding Griffin as it is already included in the results of all periods presented, occurred on January 1, 2023. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place on the date indicated or of results that may occur in the future. The pre-acquisition Castel and US Assure results included in the pro forma figures below contain acquisition-related expenses that were not considered pro forma adjustments for the Company. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total revenue $ 630,260 $ 565,699 $ 1,949,548 $ 1,746,130 Net income 8,333 25,225 130,932 27,902 The unaudited pro forma financial information includes adjustments of (i) incremental amortization expense on acquired intangible assets of $12.5 million and $28.3 million for the three months ended September 30, 2024 and 2023 , respectively, and $61.4 million and $89.5 million for the nine months ended September 30, 2024 and 2023 , respectively, (ii) a decrease in transaction costs, including the loss related to the Deal-Contingent Forward for pro forma purposes, of $5.3 million and $16.2 million for the three and nine months ended September 30, 2024 , respectively, and an increase in such costs of $7.7 million for the nine months ended September 30, 2023 , (iii) a decrease in financing costs and interest expense resulting from the debt activity related to the US Assure acquisition of $23.9 million for the three months ended September 30, 2024 and an increase in such costs of $11.0 million and $63.0 million for the three and nine months ended September 30, 2023 , respectively, (iv) a decrease of $20.7 million of income tax expense related to the common control reorganizations as part of the Socius acquisition for the three months ended September 30, 2023 , and (v) incremental tax expenses related to the pro forma adjustments o f $8.9 million and $4.0 million for the three months ended September 30, 2024 and 2023 , respectively, and $3.3 million and $19.7 million for the nine months ended September 30, 2024 and 2023 , respectively. Contingent Consideration Total consideration for certain acquisitions includes contingent consideration or contingently returnable consideration, which are generally based on the EBITDA or revenue of the acquired business following a defined period after purchase. Further information regarding fair value measurements of contingent consideration and contingently returnable consideration is detailed in Note 13 , Fair Value Measurements . The Company recognizes income or loss for the changes in fair value of estimated contingent consideration and contingently returnable consideration within Change in contingent consideration, and recognizes accretion of the discount on these assets or liabilities within Interest expense, net, on the Consolidated Statements of Income (Loss). The table below summarizes the amounts recognized: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Change in contingent consideration $ (365) $ 1,848 $ 813 $ 4,358 Interest expense, net 1,325 789 3,125 2,230 Total $ 960 $ 2,637 $ 3,938 $ 6,588 As of September 30, 2024 , the aggregate amounts of maximum consideration related to acquisitions were $483.1 million related to contingent consideration and $20.1 million related to contingently returnable consideration.

Restructuring

Restructuring	9 Months Ended
Restructuring	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In February 2023 , the Company initiated the ACCELERATE 2025 program that will enable continued growth, drive innovation, and deliver sustainable productivity improvements over the long term. The restructuring plan aims to reduce costs and increase efficiencies through a focus on optimizing the Company’s operations and technology. In its expanded form, the restructuring plan is expected to incur total restructuring costs of approximately $110.0 million through December 31, 2024 , and to generate annual savings of approximately $60.0 million in 2025 . The total expected costs of the plan include $55.0 million related to operations and technology optimization, $40.0 million related to employee compensation and benefits, and $15.0 million related to asset impairment and other termination costs. The table below presents the restructuring expense for the program incurred: Three Months Ended September 30, Nine Months Ended September 30, Inception-to- Date 2024 2023 2024 2023 As of September 30, 2024 Operations and technology optimization $ 6,828 $ 10,824 $ 17,714 $ 18,529 $ 43,709 Compensation and benefits 3,680 5,109 29,800 6,709 41,120 Asset impairment and other termination costs 318 544 318 11,057 11,375 Total $ 10,826 $ 16,477 $ 47,832 $ 36,295 $ 96,204 For the three months ended September 30, 2024 and 2023 , the Company recognized restructuring expenses of $5.7 million and $11.6 million , respectively, including contractor costs, in Compensation and benefits, and $5.1 million and $4.9 million , respectively, in General and administrative expense on the Consolidated Statements of Income (Loss). For the nine months ended September 30, 2024 and 2023 , the Company recognized restructuring expenses of $35.7 million and $13.4 million , respectively, including contractor costs, in Compensation and benefits, and $12.1 million and $22.9 million , respectively, in General and administrative expense on the Consolidated Statements of Income (Loss). The table below presents a summary of changes in the restructuring liability: Operations and Technology Optimization Compensation and Benefits Asset Impairment and Other Termination Costs Total Balance at December 31, 2023 $ 5,886 $ 1,080 $ — $ 6,966 Accrued costs 36,140 29,800 318 66,258 Payments (29,649) (27,936) — (57,585) Non-cash adjustments — — (318) (318) Balance at September 30, 2024 $ 12,377 $ 2,944 $ — $ 15,321 Accrued costs in the table above include both costs expensed and capitalized during the period. As of September 30, 2024 and December 31, 2023 , $11.1 million and $5.3 million , respectively, of the restructuring liability was included in Accounts payable and accrued liabilities and $4.2 million and $1.7 million , respectively, was included in Current Accrued compensation on the Consolidated Balance Sheets.

Receivables and Other Current A

Receivables and Other Current Assets	9 Months Ended
Receivables and Other Current Assets	Sep. 30, 2024
Receivables [Abstract]
Receivables and Other Current Assets	Receivables and Other Current Assets Receivables The Company had receivables of $334.6 million and $294.2 million outstanding as of September 30, 2024 and December 31, 2023 , respectively, which were recognized within Commissions and fees receivable – net on the Consolidated Balance Sheets. Commission and fees receivable is net of an allowance for credit losses. The Company’s allowance for credit losses is based on a combination of factors, including evaluation of historical write-offs, current economic conditions, aging of balances, and other qualitative and quantitative analyses. The following table provides a summary of changes in the Company’s allowance for expected credit losses: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Beginning of period $ 3,153 $ 2,089 $ 2,458 $ 1,980 Write-offs (1,225) (441) (2,510) (1,342) Increase in provision 1,691 869 3,671 1,879 End of period $ 3,619 $ 2,517 $ 3,619 $ 2,517 Other Current Assets Major classes of other current assets consist of the following: September 30, 2024 December 31, 2023 Prepaid expenses $ 45,610 $ 25,762 Insurance recoverable 20,155 20,562 Other current receivables 18,400 15,905 Total Other current assets $ 84,165 $ 62,229 Other current receivables contain service receivables from Geneva Re, Ltd. See Note 15 , Related Parties , for further information regarding related parties. See Note 14 , Commitments and Contingencies , for further information on the

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company has various non-cancelable operating leases with various terms through September 2038, primarily for office space and office equipment. The following table provides additional information about the Company’s leases: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease costs Operating lease costs $ 7,669 $ 8,687 $ 23,408 $ 26,339 Short-term lease costs Operating lease costs 228 234 675 635 Sublease income (112) (193) (408) (439) Lease costs – net $ 7,785 $ 8,728 $ 23,675 $ 26,535 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 22,516 $ 23,245 Non-cash related activities Right-of-use assets obtained in exchange for new operating lease liabilities 15,236 9,948 Amortization of right-of-use assets for operating lease activity 16,803 20,197 Weighted average discount rate (percent) Operating leases 5.3 % 5.1 % Weighted average remaining lease term (years) Operating leases 7.8 8.3

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Substantially all of the Company’s debt is carried at outstanding principal balance, less debt issuance costs and any unamortized discount. The following table is a summary of the Company’s outstanding debt: September 30, 2024 December 31, 2023 Term debt 7 -year term loan facility, periodic interest and quarterly principal payments, Adjusted Term SOFR + 2.25% as of September 30, 2024 , Adjusted Term SOFR + 3.00% as of December 31, 2023 , matures September 13, 2031 $ 1,677,446 $ 1,564,718 Senior secured notes 8 -year senior secured notes, semi-annual interest payments, 4.38% , matures February 1, 2030 397,057 400,704 8 -year secured notes, semi-annual interest payments, 5.88% , matures August 1, 2032 591,805 — Revolving debt 5 -year revolving loan facility, periodic interest payments, Adjusted Term SOFR + up to 2.50% as of September 30, 2024 , Adjusted Term SOFR + up to 3.00% as of December 31, 2023 , plus commitment fees of 0.25% - 0.50% , matures July 30, 2029 714 377 Premium financing notes Commercial notes, periodic interest and principal payments, 6.25% , expire May 1, 2025 4,642 — Commercial notes, periodic interest and principal payments, 6.25% , expire June 1, 2025 871 — Commercial notes, periodic interest and principal payments, 6.25% , expire June 21, 2025 3,932 — Commercial notes, periodic interest and principal payments, 5.75% , expired May 1, 2024 — 2,251 Commercial notes, periodic interest and principal payments, 5.75% , expired June 1, 2024 — 622 Commercial notes, periodic interest and principal payments, 6.00% , expired June 19, 2024 — 2,485 Commercial notes, periodic interest and principal payments, 5.75% , expired June 21, 2024 — 2,855 Units subject to mandatory redemption 3,399 5,200 Total debt $ 2,679,866 $ 1,979,212 Less: Short-term debt and current portion of long-term debt (33,316) (35,375) Long-term debt $ 2,646,550 $ 1,943,837 Term Loan The original principal of the Term Loan was $1,650.0 million . As a result of the Seventh Amendment, as defined and described below, the principal was increased to $1,700.0 million . As of September 30, 2024 , $1,700.0 million of the principal was outstanding, $6.2 million of interest was accrued, and the related unamortized deferred issuance costs were $28.8 million . As of December 31, 2023 , $1,596.4 million of the principal was outstanding, $1.1 million of interest was accrued, and the related unamortized deferred issuance costs were $32.8 million . O n January 19, 2024 , the Company entered into the fifth amendment (the “ Fifth Amendment”) to the Credit Agreement. As a result of the Fifth Amendment, the applicable interest rate of the Term Loan was reduced from Adjusted Term SOFR + 3.00% to Adjusted Term SOFR + 2.75% and no longer contains a credit spread adjustment. All other material provisions remain unchanged. The portion of the debt related to the lenders that opted out of the repricing was considered extinguished and their portion of the legacy debt issuance costs of $0.4 million was written off during the nine months ended September 30, 2024 , which was recognized in Interest expense, net on the Consolidated Statements of Income (Loss). Additionally, the Company incurred third-party fees related to the repricing of $1.9 million for the nine months ended September 30, 2024 , which were recognized in Other non-operating loss on the Consolidated Statements of Income (Loss). On September 13, 2024 , the Company entered into the seventh amendment (the “Seventh Amendment”) to the Credit Agreement. As a result of the Seventh Amendment, the principal of the Term Loan was increased to $1,700.0 million , the applicable interest rate of the Term Loan was reduced from Adjusted Term SOFR + 2.75% to Adjusted Term SOFR + 2.25% , the 0.75% floor on Adjusted Term SOFR was reduced to 0.00% , and the maturity date was extended to September 13, 2031 . Incremental debt issuance costs of $11.1 million were incurred and will be amortized over the extended term of the loan. The portion of the debt related to the lenders that opted out of the Seventh Amendment was considered extinguished and their portion of the legacy debt issuance costs of $8.3 million was written off during the three and nine months ended September 30, 2024 , which was recognized in Interest expense, net on the Consolidated Statements of Income (Loss). Additionally, the Company incurred third-party fees related to the Seventh Amendment o f $16.2 million for t he three and nine months ended September 30, 2024 , which were recognized in Other non-operating loss on the Consolidated Statements of Income (Loss). Revolving Credit Facility On July 30, 2024 , the Company entered into the sixth amendment (the “ Sixth Amendment ” ) to the Credit Agreement, which provided for an increase in the borrowing capacity of the Revolving Credit Facility from $600.0 million to $1,400.0 million . The Sixth Amendment also extended the maturity date of the Revolving Credit Facility to July 30, 2029 , and reduced the applicable interest rate from Adjusted Term SOFR + up to 3.00% to Adjusted Term SOFR + up to 2.50% . Incremental debt issuance costs of $7.9 million were incurred and will be amortized over the extended term of the facility. The portion of the debt related to the lender that opted out of the Sixth Amendment was considered extinguished and its portion of the legacy debt issuance costs of $0.1 million was written off during the three and nine months ended September 30, 2024 , which was recognized in Interest expense, net on the Consolidated Statements of Income (Loss). The Revolving Credit Facility had a borrowing capacity of $1,400.0 million and $600.0 million as of September 30, 2024 and December 31, 2023 , respectively. Due to the nature of the instrument, the deferred issuance costs related to the facility of $10.1 million and $4.1 million as of September 30, 2024 and December 31, 2023 , respectively, were recognized in Other non-current assets on the Consolidated Balance Sheets. The commitments available to be borrowed under the Revolving Credit Facility were $1,399.7 million and $599.7 million as of September 30, 2024 and December 31, 2023 , respectively, as the available amount of the facility was reduced by $0.3 million of undrawn letters of credit. The Company pays a commitment fee on undrawn amounts under the facility of 0.25% - 0.50% . As of September 30, 2024 and December 31, 2023 , the Company accrued $0.7 million and $0.4 million , respectively, of unpaid commitment fees related to the Revolving Credit Facility in Short-term debt and current portion of long-term debt on the Consolidated Balance Sheets. Senior Secured Notes due 2030 In February 2022 , the LLC issued $400.0 million of Senior Secured Notes. As of September 30, 2024 and December 31, 2023 , accrued interest on the notes was $2.9 million and $7.3 million , respectively, and the related unamortized deferred issuance costs plus discount were $5.9 million and $6.6 million , respectively. Senior Secured Notes due 2032 On September 19, 2024 , the LLC issued $600.0 million of Senior Secured Notes. As of September 30, 2024 , accrued interest on the notes was $1.2 million and the related unamortized deferred issuance costs were $9.4 million . Bridge Facility On July 31, 2024 , the Company entered into a 364 -day unsecured bridge term loan facility (the “Bridge Facility”), which provided unsecured bridge financing of up to $500.0 million to finance a portion of the US Assure acquisition price. In lieu of drawing under the Bridge Facility, the Company borrowed under the Revolving Credit Facility. Concurrent with the completion of the US Assure acquisition on August 30, 2024 , the Bridge Facility was terminated, and the Company recognized $4.1 million of related deferred financing costs in Interest expense, net on the Consolidated Statements of Income (Loss) during the three and nine months e nded September 30, 2024 . Subsidiary Units Subject to Mandatory Redemption Ryan Re Underwriting Managers, LLC (“Ryan Re”) has the obligation to settle its outstanding preferred units owned by Patrick G. Ryan in the amount of the aggregate unreturned capital and unpaid dividends on June 13, 2034, 15 years from original issuance. As these units are mandatorily redeemable, they are classified as Long-term debt on the Consolidated Balance Sheets. The historical cost of the units is $3.3 million , which was valued using an implicit rate of 9.8% . Accretion of the discount using the implicit rate is recognized as Interest expense, net in the Consolidated Statements of Income (Loss). As of September 30, 2024 and December 31, 2023 , interest accrued on these units was $0.1 million and $1.9 million , respectively. $2.0 million of accrued return on the Ryan Re preferred units was paid during the nine months ended September 30, 2024 . See Note 15 , Related Parties , for further information on Ryan Re.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Ryan Specialty’s amended and restated certificate of incorporation authorizes the issuance of up to 1,000,000,000 shares of Class A common stock, 1,000,000,000 shares of Class B common stock, 10,000,000 shares of Class X common stock, and 500,000,000 shares of preferred stock, each having a par value of $0.001 per share. The New LLC Operating Agreement requires that the Company and the LLC at all times maintain a one -to-one ratio between the number of shares of Class A common stock issued by the Company and the number of LLC Common Units owned by the Company, except as otherwise determined by the Company. Class A and Class B Common Stock Each share of Class A common stock is entitled to one vote per share . Each share of Class B common stock is initially entitled to 10 votes per share but, upon the occurrence of certain events as set forth in the Company’s amended and restated certificate of incorporation, will be entitled to one vote per share in the future. All holders of Class A common stock and Class B common stock vote together as a single class except as otherwise required by applicable law or our amended and restated certificate of incorporation. Holders of Class B common stock do not have any right to receive dividends or distributions upon the liquidation or winding up of the Company. In accordance with the New LLC Operating Agreement, the LLC Unitholders are entitled to exchange LLC Common Units for shares of Class A common stock or, at the Company’s election, for cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). The LLC Unitholders are also required to deliver to the Company an equivalent number of shares of Class B common stock to effectuate such an exchange. Any shares of Class B common stock so delivered will be canceled. Shares of Class B common stock are not issued for Class C Incentive Units that are exchanged for LLC Common Units as these LLC Common Units are immediately exchanged for Class A common stock as discussed in Note 9 , Equity-Based Compensation . Class X Common Stock There were no shares of Class X common stock outstanding as of September 30, 2024 or December 31, 2023 . Shares of Class X common stock have no economic, voting, or dividend rights. Preferred Stock There were no shares of preferred stock outstanding as of September 30, 2024 or December 31, 2023 . Under the terms of the amended and restated certificate of incorporation, the Board is authorized to direct the Company to issue shares of preferred stock in one or more series without stockholder approval. The Board has the discretion to determine the rights, preferences, privileges, and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges, and liquidation preferences, of each series of preferred stock. Dividends During the three months ended September 30, 2024 , the Company’s Board of Directors declared a regular quarterly cash dividend of $0.11 per share on the Company’s outstanding Class A common stock. During the nine months ended September 30, 2024 , $66.5 million of dividends, consisting of $27.1 million related to the special Q1 2024 dividend and $39.4 million related to regular quarterly dividends, was paid on Class A common stock. Non-controlling Interests The Company is the sole managing member of the LLC. As a result, the Company consolidates the LLC in its consolidated financial statements, resulting in non-controlling interests related to the LLC Common Units not held by the Company. As of September 30, 2024 and December 31, 2023 , the Company owne d 47.8% and 45.6% , respectively, of the economic interests in the LLC, while the non-controlling interest holders owned the remaining 52.2% and 54.4% , respectively, of the economic interests in the LLC. Weighted average ownership percentages for the applicable reporting periods are used to attribute net income (loss) and other comprehensive income (loss) to the Company and the non-controlling interest holders. The non-controlling interest holders’ weighted average ownership percentage was 57.4% and 56.1% for the three months ended September 30, 2024 and 2023 , respectively, and 55.2% and 56.5% for the nine months ended September 30, 2024 and 2023 , respectively. During the three months ended September 30, 2024 , the Company declared a regular quarterly cash distribution of $0.04 per unit on the LLC’s outstanding LLC Common Units. During the nine months ended September 30, 2024 , $16.8 million in distributions were paid to the non-controlling interest holders of the LLC Common Units.

Equity Based Compensation

Equity Based Compensation	9 Months Ended
Equity Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation The Ryan Specialty Holdings, Inc., 2021 Omnibus Incentive Plan (the “Omnibus Plan”) governs, among other things, the types of awards the Company can grant to employees as equity-based compensation awards. The Omnibus Plan provides for potential grants of the following awards: (i) stock options, (ii) stock appreciation rights, (iii) restricted stock awards, (iv) performance awards, (v) other stock-based awards, (vi) other cash-based awards, and (vii) analogous equity awards made in equity of the LLC. IPO-Related Awards As a result of the Organizational Transactions, pre-IPO holders of LLC Units that were granted as incentive awards, which had historically been classified as equity and vested pro rata over five years , were required to exchange their LLC Units for either Restricted Stock or Restricted Common Units. Additionally, Reload Options or Reload Class C Incentive Units were issued to employees in order to protect against the dilution of their existing awards upon exchange to the new awards. Separately, certain employees were granted one or more of the following new awards: (i) Restricted Stock Units (“RSUs”), (ii) Staking Options, (iii) Restricted LLC Units (“RLUs”), or (iv) Staking Class C Incentive Units. The terms of these awards are described below. All awards granted as part of the Organizational Transactions and the IPO are subject to non- linear transfer restrictions for at least the five -year period following the IPO. Incentive Awards As part of the Company’s annual compensation process, the Company issues certain employees and directors equity-based compensation awards (“Incentive Awards”). Additionally, the Company offers Incentive Awards to certain new hires. These Incentive Awards typically take the form of (i) RSUs, (ii) RLUs, (iii) Class C Incentive Units, (iv) Stock Options, (v) Performance Stock Units (“PSUs”), and (vi) Performance LLC Units (“PLUs”). The terms of these awards are described below. Restricted Stock and Restricted Common Units As part of the Organizational Transactions, certain existing employee unitholders were granted Restricted Stock or Restricted Common Units in exchange for their LLC Units. The Restricted Stock and Restricted Common Units follow the vesting schedule of the LLC Units for which they were exchanged. LLC Units historically vested pro rata over 5 years . Nine Months Ended September 30, 2024 Restricted Stock Weighted Average Grant Date Fair Value Restricted Common Units Weighted Average Grant Date Fair Value Unvested at beginning of period 938,910 $ 21.15 1,122,564 $ 23.84 Granted — — — — Vested (457,906) 21.15 (869,906) 23.84 Forfeited (1,883) 21.15 — — Unvested at end of period 479,121 $ 21.15 252,658 $ 23.84 Restricted Stock Units (RSUs) IPO RSUs Related to the IPO, the Company granted RSUs to certain employees. The IPO RSUs vest either pro rata over 5 years from the grant date or over 10 years from the grant date, with 10% vesting in each of years 3 through 9 and 30% vesting in year 10 . Incentive RSUs As part of the Company’s compensation process, the Company issues Incentive RSUs to certain employees. The Incentive RSUs vest either 100% 3 or 5 years from the grant date, pro rata over 3 or 5 years from the grant date, over 5 years from the grant date, with one-third of the grant vesting in each of years 3 , 4 and 5 , or over 7 years from the grant date, with 20% vesting in each of years 3 through 7 . Upon vesting, RSUs automatically convert on a one -for-one basis into Class A common stock. Nine Months Ended September 30, 2024 IPO RSUs Incentive RSUs Restricted Stock Units Weighted Average Grant Date Fair Value Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at beginning of period 3,359,778 $ 23.07 1,819,916 $ 38.02 Granted — — 794,643 52.72 Vested (596,879) 22.81 (177,713) 37.73 Forfeited (40,332) 22.77 (70,305) 40.07 Unvested at end of period 2,722,567 $ 23.13 2,366,541 $ 42.92 Stock Options Reload and Staking Options As part of the Organizational Transactions and IPO, certain employees were granted Reload Options or Staking Options that entitle the award holder to future purchases of Class A common stock, on a one -for-one basis, at the IPO price of $23.50 . The Reload Options vest either 100% 3 years from the grant date or over 5 years from the grant date, with one- third of the grant vesting in each of years 3 , 4 and 5 . In general, vested Reload Options are exercisable up to the tenth anniversary of the grant date. The Staking Options vest over 10 years from the grant date, with 10% vesting in each of years 3 through 9 and 30% vesting in year 10 . In general, vested Staking Options are exercisable up to the eleventh anniversary of the grant date. Incentive Options As part of the Company’s compensation process, the Company may issue Incentive Options to certain employees that entitle the award holder to future purchases of Class A common stock, on a one - for-one basis, at the respective exercise prices. The Incentive Options vest either over 5 years from the grant date, with one-third of the grant vesting in each of years 3 , 4 and 5 or pro rata over 7 years from the grant date. In general, vested Incentive Options are exercisable up to the tenth anniversary of the grant date. Nine Months Ended September 30, 2024 Reload Options 1 Staking Options 1 Incentive Options Incentive Options Weighted Average Exercise Price Outstanding at beginning of period 4,473,388 66,667 165,684 $ 34.39 Granted — — 150,000 52.38 Exercised (508,613) — — — Forfeited (17,611) — (11,002) 34.39 Outstanding at end of period 3,947,164 66,667 304,682 $ 43.25 1 As the Reload and Staking Options were one-time grants at the IPO, the weighted average exercise price for any movements in these awards will perpetually be $23.50 . As such, the values are not presented in the table above. The fair value of Incentive Options granted during the nine months ended September 30, 2024 , was determined using the Black-Scholes option pricing model with the following assumptions: Incentive Options Volatility 25.0% Time to maturity (years) 7.0 Risk-free rate 4.2% Dividend yield 0.8% Fair value per option $17.09 The use of a valuation model for the Options requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the observed volatility for comparable companies. The expected time to maturity was based on the weighted-average vesting term and contractual term of the awards. The risk-free interest rate was based on U.S. Treasury rates commensurate with the expected life of the award. The dividend yield was based on the Company’s expected dividend rate. As of September 30, 2024 , there were 1,601,823 and 6,666 exercisable Staking and Reload Options, respectively, and no exercisable Incentive Options. The aggregate intrinsic values and weighted average remaining contractual terms of Stock Options outstanding and exercisable as of September 30, 2024 , were as follows: Aggregate intrinsic value ($ in thousands) Reload Options outstanding $ 169,294 Reload Options exercisable 68,702 Staking Options outstanding 2,859 Staking Options exercisable 286 Incentive Options outstanding 7,051 Incentive Options exercisable — Weighted-average remaining contractual term (in years) Reload Options outstanding 6.6 Reload Options exercisable 6.5 Staking Options outstanding 7.8 Staking Options exercisable 7.8 Incentive Options outstanding 8.4 Incentive Options exercisable — Restricted LLC Units (RLUs) IPO RLUs Related to the IPO, the Company granted RLUs to certain employees that vest either pro rata over 5 years from the grant date or over 10 years from the grant date, with 10% vesting in each of years 3 through 9 and 30% vesting in year 10 . Incentive RLUs As part of the Company’s compensation process, the Company issues Incentive RLUs to certain employees. The Incentive RLUs vest either 100% 3 years from the grant date, pro rata over 3 or 5 years from the grant date, or over 7 years from the grant date, with 20% vesting in each of years 3 through 7 . Upon vesting, RLUs convert on a one -for-one basis into either LLC Common Units or Class A common stock at the election of the Company. Nine Months Ended September 30, 2024 IPO RLUs Incentive RLUs Restricted LLC Units Weighted Average Grant Date Fair Value Restricted LLC Units Weighted Average Grant Date Fair Value Unvested at beginning of period 1,448,127 $ 25.09 482,329 $ 39.80 Granted — — 249,971 51.33 Vested (154,589) 25.05 (45,588) 35.60 Forfeited — — — — Unvested at end of period 1,293,538 $ 25.10 686,712 $ 44.30 Class C Incentive Units Reload and Staking Class C Incentive Units As part of the Organizational Transactions and IPO, certain employees were granted Reload Class C Incentive Units or Staking Class C Incentive Units, which are profits interests. When the value of Class A common stock exceeds the participation threshold, vested profits interests may be exchanged for LLC Common Units of equal value. On exchange, the LLC Common Units are immediately redeemed on a one -for-one basis for Class A common stock. The Reload Class C Incentive Units vest either 100% 3 years from the grant date or over 5 years from the grant date, with one-third of the grant vesting in each of years 3 , 4 and 5 . The Staking Class C Incentive Units vest either pro rata over 5 years from the grant date or over 10 years from the grant date, with 10% vesting in each of years 3 through 9 and 30% vesting in year 10 . Class C Incentive Units As part of the Company’s compensation process, the Company issues Class C Incentive Units to certain employees, which are profits interests. When the value of Class A common stock exceeds the participation threshold, vested profits interests may be exchanged for LLC Common Units of equal value. On exchange, the LLC Common Units are immediately redeemed on a one -for-one basis for Class A common stock. The Class C Incentive Units vest over 8 years from the grant date, with 15% vesting in each of years 3 through 7 and 25% vesting in year 8 , or over 7 years from the grant date, with 20% vesting in each of years 3 through 7 . Nine Months Ended September 30, 2024 Reload Class C Incentive Units Staking Class C Incentive Units Class C Incentive Units Class C Incentive Units Weighted Average Participation Threshold Unvested at beginning of period 3,911,490 1,876,669 495,822 $ 36.96 Granted — — — — Vested (2,958,895) (271,666) — — Forfeited — — — — Unvested at end of period 952,595 1,605,003 495,822 $ 36.84 As the Reload and Staking Class C Incentive Units were one-time grants at the IPO, the weighted average participation threshold for these awards will be consistent across any type of movement. The weighted average participation threshold for Reload and Staking Class C Incentive Units was $23.38 and $23.50 as of September 30, 2024 and December 31, 2023 , respectively. The decrease in the participation thresholds for the various types of Class C Incentive Units was due to the distributions declared to these awards during the nine months ended September 30, 2024 . Performance Based Awards Performance Stock Units (PSUs) and Performance LLC Units (PLUs) Certain employees were granted performance-based equity awards, either PSUs or PLUs, subject to the Company’s achievement of several defined performance metrics including (i) an Adjusted EBITDAC Margin target, (ii) an Organic Revenue Growth Compound Annual Growth Rate (“CAGR”) target, and (iii) total shareholder return (“TSR”) CAGR targets. The TSR CAGR targets are measured from the grant date share price to the sum of (i) the average of (a) the volume weighted average price (“VWAP”) of the Class A common stock for the fourth quarter of 2027 and (b) the VWAP of the Class A common stock for the first quarter of 2028 and (ii) dividends paid to Class A common shareholders. The Adjusted EBITDAC Margin and the Organic Revenue Growth CAGR targets as well as a minimum threshold for the TSR CAGR target must be achieved for the awards to vest. If the Adjusted EBITDAC Margin or the Organic Revenue Growth CAGR targets are not met, or the TSR CAGR is below the minimum threshold, the awards will be forfeited. PSUs represent the right to receive Class A common shares and PLUs represent the right to receive LLC Common Units upon vesting. If the Adjusted EBITDAC Margin and the Organic Revenue Growth CAGR targets are achieved, and the TSR CAGR meets at least the minimum threshold, the TSR CAGR targets will determine how many Class A common shares or LLC Common Units, as applicable, the awards vest into. Assuming the minimum threshold is met, the awards will vest into between 75% and 150% of the applicable stock or units. The payout percentage between the TSR CAGR range will be determined on a graduated basis. Confirmation of the targets will not occur until after the Company’s fiscal year 2028 earnings are reported. If the targets are achieved, the awards will vest on April 1, 2029. The probability of achieving the performance metrics is assessed each reporting period for expense purposes. Nine Months Ended September 30, 2024 PSUs PLUs Performance Stock Units Weighted Average Grant Date Fair Value Performance LLC Units Weighted Average Grant Date Fair Value Unvested at beginning of period — $ — — $ — Granted 303,721 24.75 487,218 24.40 Vested — — — — Forfeited — — — — Unvested at end of period 303,721 $ 24.75 487,218 $ 24.40 The fair value of the performance-based awards granted during the nine months ended September 30, 2024 , was determined using the Monte Carlo simulation valuation model with the following assumptions: PSUs and PLUs Volatility 24.7% Time to maturity (years) 4.1 Risk-free rate 4.2% Initial RYAN stock price $52.38 The use of a valuation model for the PSUs and PLUs requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the observed volatility for comparable companies. The time to maturity was based on the stock price CAGR target through the first quarter of 2028. The risk-free interest rate was based on U.S. Treasury rates commensurate with the performance period. The initial RYAN stock price is the base for the stock price CAGR target. The difference in the grant date fair value of the PSUs and PLUs relates to the difference in Dividend Equivalents and Distributions Declared (as defined below) each award is entitled to accrue. Non-Employee Director Stock Grants The Company grants RSUs to non-employee directors serving as members of the Company’s Board of Directors (“Director Stock Grants”), with the exception of the one director appointed by Onex in accordance with Onex’s nomination rights who has agreed to forgo any compensation for his service to the Board. The Director Stock Grants are fully vested upon grant. The Company granted 22,935 Director Stock Grants with a weighted-average grant date fair value of $49.07 and 19,698 Director Stock Grants with a weighted-average grant date fair value of $40.86 during the nine months ended September 30, 2024 and 2023 , respectively. Dividend Equivalents and Declared Distributions A majority of the Company’s unvested equity-based compensation awards, with the exception of Options and Class C Incentive Units, are entitled to accrue dividend equivalents if the award vests into Class A common stock (“Dividend Equivalents”) or declared distributions if the award vests into LLC Common Units (“Declared Distributions”) over the period the underlying award vests. The Dividend Equivalents and Declared Distributions will be paid in cash to award holders at the time the underlying award vests. If an award holder forfeits their underlying award, the accrued Dividend Equivalents or Declared Distributions will also be forfeited. Class C Incentive Units do not accrue cash distributions but instead have their participation thresholds lowered by each distribution declared. Options do not participate in dividends. As of September 30, 2024 , the Company accrued $0.8 million and $0.1 million related to Dividend Equivalents and Declared Distributions, respectively, in Accounts payable and accrued liabilities, and $2.4 million and $0.3 million related to Dividend Equivalents and Declared Distributions, respectively, in Other non-current liabilities on the Consolidated Balance Sheets. Equity-Based Compensation Expense As of September 30, 2024 , the unrecognized equity-based compensation costs related to each type of equity-based compensation award described above and the related weighted-average remaining expense period were as follows: Amount Weighted Average Remaining Expense Period (Years) Restricted Stock $ 1,268 0.5 IPO RSUs 29,887 3.4 Incentive RSUs 62,355 2.4 Reload Options 1,216 0.7 Staking Options 253 3.9 Incentive Options 2,650 1.6 PSUs 6,607 4.3 Restricted Common Units 670 0.2 IPO RLUs 18,062 4.7 Incentive RLUs 21,336 2.0 Reload Class C Incentive Units 788 0.9 Staking Class C Incentive Units 9,797 4.2 Class C Incentive Units 5,882 3.8 PLUs 10,448 4.3 Total unrecognized equity-based compensation expense $ 171,219 The following table includes the equity-based compensation the Company recognized by award type from the view of expense related to pre-IPO and post-IPO awards. The table also presents the unrecognized equity-based compensation expense as of September 30, 2024 , in the same view. Recognized Unrecognized Three Months Ended September 30, Nine Months Ended September 30, As of September 30, 2024 2024 2023 2024 2023 IPO awards IPO RSUs and Staking Options $ 2,720 $ 3,654 $ 9,226 $ 12,599 $ 30,140 IPO RLUs and Staking Class C Incentive Units 2,146 2,738 7,277 8,866 27,859 Incremental Restricted Stock and Reload Options 622 1,156 2,485 3,723 1,850 Incremental Restricted Common Units and Reload Class C Incentive Units 586 1,779 3,018 5,779 1,257 Pre-IPO incentive awards Restricted Stock 498 646 1,333 2,144 634 Restricted Common Units 4,733 308 5,095 1,224 201 Post-IPO incentive awards Incentive RSUs 8,001 5,237 21,759 13,896 62,355 Incentive RLUs 2,058 1,214 5,671 3,329 21,336 Incentive Options 272 125 823 368 2,650 Class C Incentive Units 521 521 1,551 1,385 5,882 PSUs 391 — 910 — 6,607 PLUs 619 — 1,439 — 10,448 Other expense Director Stock Grants 292 230 1,077 823 N/A Total equity-based compensation expense $ 23,459 $ 17,608 $ 61,664 $ 54,136 $ 171,219

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
Earnings (Loss) Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Ryan Specialty Holdings, Inc., by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is computed giving effect to potentially dilutive shares, including LLC equity awards and the non-controlling interests’ LLC Common Units that are exchangeable into Class A common stock. As shares of Class B common stock do not share in earnings and are not participating securities, they are not included in the Company’s calculation. A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings (loss) per share of Class A common stock is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 28,643 $ 15,703 $ 187,358 $ 135,977 Less: Net income attributable to non-controlling interests 11,054 20,750 106,447 97,786 Net income (loss) attributable to Ryan Specialty Holdings, Inc. $ 17,589 $ (5,047) $ 80,911 $ 38,191 Numerator: Net income (loss) attributable to Class A common shareholders $ 17,589 $ (5,047) $ 80,911 $ 38,191 Add (less): Income attributed to substantively vested RSUs 369 (100) (1,339) 687 Net income (loss) attributable to Class A common shareholders – basic $ 17,958 $ (5,147) $ 79,572 $ 38,878 Add: Income attributed to dilutive shares 7,886 — 79,624 3,128 Net income (loss) attributable to Class A common shareholders – diluted $ 25,844 $ (5,147) $ 159,196 $ 42,006 Denominator: Weighted-average shares of Class A common stock outstanding – basic 121,915,952 115,872,327 119,383,234 113,291,850 Add: Dilutive shares 150,770,317 — 151,900,158 11,591,673 Weighted-average shares of Class A common stock outstanding – diluted 272,686,269 115,872,327 271,283,392 124,883,523 Earnings (loss) per share Earnings (loss) per share of Class A common stock – basic $ 0.15 $ (0.04) $ 0.67 $ 0.34 Earnings (loss) per share of Class A common stock – diluted $ 0.09 $ (0.04) $ 0.59 $ 0.34 The following number of shares were excluded from the calculation of diluted earnings (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Conversion of non-controlling interest LLC Common Units 1 — 141,689,681 — 142,974,016 Conversion of vested Class C Incentive Units 1 — 98,699 — 65,028 Restricted Stock — 1,015,761 — — IPO RSUs — 3,229,891 — — Incentive RSUs — 1,776,309 — — Reload Options — 4,548,194 — — Staking Options — 66,667 — — Incentive Options 150,000 168,099 150,000 168,099 Restricted Common Units — 1,239,232 — — IPO RLUs — 1,448,127 — — Incentive RLUs — 482,329 — — Reload Class C Incentive Units — 3,911,490 — — Staking Class C Incentive Units — 1,876,669 — — Class C Incentive Units — 495,822 — 495,822 1 Weighted average units outstanding during the period.

Derivatives

Derivatives	9 Months Ended
Derivatives	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Deal-Contingent Foreign Currency Forward On December 21, 2023 , the Company entered into the Deal-Contingent Forward to manage the risk of appreciation of the GBP-denominated purchase price of the acquisition of Castel. The Deal-Contingent Forward had a 200.0 million GBP notional amount and was executed when the Castel acquisition closed on May 1, 2024. As the Deal-Contingent Forward was an economic hedge and had not been designated as an accounting hedge, losses resulting from the Deal-Contingent Forward were recognized through earnings in the periods incurred. Interest Rate Cap In April 2022, the Company entered into an interest rate cap agreement to manage its exposure to interest rate fluctuations related to the Company’s Term Loan in the amount of $25.5 million . The interest rate cap has a $1,000.0 million notional amount, 2.75% strike, and terminates on December 31, 2025. At inception, the Company formally designated the interest rate cap as a cash flow hedge. As of September 30, 2024 , the interest rate cap continued to be an effective hedge. For the three months ended September 30, 2024 and 2023 , the decrease of $16.4 million and $0.2 million , respectively, in the fair value of the interest rate cap were recognized in Other comprehensive income (loss). For the nine months ended September 30, 2024 and 2023 , the decrease of $16.5 million and increase of $0.9 million , respectively, in the fair value of the interest rate cap were recognized in Other comprehensive income (loss). As of September 30, 2024 , the Company expects $10.6 million of unrealized gains from the interest rate cap to be reclassified into earnings over the next twelve months. See Note 16 , Income Taxes , for further information on the tax effects on other comprehensive income (“OCI”) related to the interest rate cap. The location and gains (losses) on derivatives are reported on the Consolidated Statements of Income (Loss) as follows: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Caption 2024 2023 2024 2023 Change in the fair value of the Deal-Contingent Forward General and administrative $ — $ — $ (4,532) $ — Total impact of derivatives not designated as hedging instruments $ — $ — $ (4,532) $ — Interest rate cap premium amortization Interest expense, net $ (1,739) $ (1,739) $ (5,216) $ (5,216) Amounts reclassified out of other comprehensive income related to the interest rate cap Interest expense, net 6,689 6,317 19,740 16,381 Total impact of derivatives designated as hedging instruments $ 4,950 $ 4,578 $ 14,524 $ 11,165 The location and fair value of derivatives are reported on the Consolidated Balance Sheets as follows: Balance Sheet Caption September 30, 2024 December 31, 2023 Derivatives not designated as hedging instruments Deal-Contingent Forward Accounts payable and accrued liabilities $ — $ 852 Derivatives designated as hedging instruments Interest rate cap Other non-current assets $ 13,196 $ 29,667 See Note 13 , Fair Value Measurements , for further information on the fair value of derivatives.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities As discussed in Note 1 , Basis of Presentation , the Company consolidates the LLC as a VIE under ASC 810. The Company’s financial position, financial performance, and cash flows effectively represent those of the LLC as of and for the nine months ended September 30, 2024 , with the exception of Cash and cash equivalents of $42.2 million , Other current assets of $7.8 million , Deferred tax assets of $486.3 million , Accounts payable and accrued liabilities of $0.8 million , Other non-current liabilities of $2.4 million , and the entire balance of the Tax Receivable Agreement liabilities of $455.1 million on the Consolidated Balance Sheets, which are attributable solely to Ryan Specialty Holdings, Inc. As of December 31, 2023 , Cash and cash equivalents of $58.2 million , Deferred tax assets of $383.3 million , and the entire balance of the Tax Receivable Agreement liabilities of $358.9 million on the Consolidated Balance Sheet were attributable solely to Ryan Specialty Holdings, Inc.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting standards establish a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair values as follows: Level 1: Observable inputs such as quoted prices for identical assets in active markets; Level 2: Inputs other than quoted prices for identical assets in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data which requires the use of valuation techniques and the development of assumptions. The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level of input that is significant to the fair value measure in its entirety. The carrying amount of financial assets and liabilities reported in the Consolidated Balance Sheets for commissions and fees receivable – net, other current assets, accounts payable, short-term debt, and other accrued liabilities as of September 30, 2024 and December 31, 2023 , approximate fair value because of the short-term duration of these instruments. The fair value of long-term debt, including the Term Loan, Senior Secured Notes, the units subject to mandatory redemption, and any current portion of such debt, was $2,692.1 million and $1,976.5 million as of September 30, 2024 and December 31, 2023 , respectively. The fair value of the Term Loan and Senior Secured Notes would be classified as Level 2 in the fair value hierarchy and the units subject to mandatory redemption would be classified as Level 3. See Note 7 , Debt , for the carrying values of the Company’s debt. Derivative Instruments Deal-Contingent Foreign Currency Forward The Company entered into the Deal-Contingent Forward to manage the risk of appreciation of the GBP-denominated purchase price of the Castel acquisition. The fair value of the Deal-Contingent Forward was determined by comparing the contractual foreign exchange rates to forward market rates for various future dates, probability weighted for when the acquisition was anticipated to close, and discounted to the valuation date. The lowest level of inputs used that are significant in determining the fair value were considered Level 3 inputs. See Note 11 , Derivatives , for further information on the Deal-Contingent Forward. Interest Rate Cap The Company uses an interest rate cap to manage its exposure to interest rate fluctuations related to the Company’s Term Loan. The fair value of the interest rate cap is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the cap. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in determining the fair value of the interest rate cap are considered Level 2 inputs. See Note 11 , Derivatives , for further information on the interest rate cap. Contingent Consideration The fair values of contingent consideration and contingently returnable consideration are based on the present value of the future expected payments to be made to the sellers and to be received from the sellers, respectively, of certain acquired businesses in accordance with the provisions outlined in the respective purchase agreements, which are Level 3 fair value measurements. In determining fair value, the Company estimates cash payments and receipts based on management’s financial projections of the performance of each acquired business relative to the formula specified by each purchase agreement. The Company utilizes Monte Carlo simulations to evaluate financial projections of each acquired business. The Monte Carlo models consider forecasted revenue and EBITDA and market risk-adjusted revenue and EBITDA, which are run through a series of simulations. As of September 30, 2024 , the models used risk-free rates, expected volatility, and a credit spread that ranged from 4.0% to 5.4% , 6.9% to 18.7% , and 1.0% to 2.4% , respectively. As of December 31, 2023 , the models used risk-free rates, expected volatility, and a credit spread that ranged from 4.9% to 5.4% , 7.0% to 21.7% , and 3.3% to 4.2% , respectively. The Company discounts the expected payments created by the Monte Carlo model to present value using a risk-adjusted rate that takes into consideration the market-based rates of return that reflect the ability of the acquired entity to achieve its targets. The discount rate ranges used to present value the cash payments were 5.2% to 6.8% and 8.3% to 9.1% as of September 30, 2024 and December 31, 2023 , respectively. Each period, the Company revalues the contingent consideration and contingently returnable consideration associated with certain prior acquisitions to their fair value and records the related changes of the fair value in Change in contingent consideration in the Consolidated Statements of Income (Loss). Changes in contingent consideration result from changes in the assumptions regarding probabilities of successful achievement of related EBITDA and revenue milestones, the estimated timing in which milestones are achieved, and the discount rate used to estimate the fair value of the liability. Contingent consideration may change significantly as the Company’s revenue growth rate and EBITDA estimates evolve and additional data is obtained, impacting the Company’s assumptions. The use of different assumptions and judgments could result in a different estimate of fair value which may have a material impact on the results from operations and financial position. See Note 3 , Mergers and Acquisitions , for further information on contingent consideration. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis by fair value hierarchy input level: September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Interest rate cap $ — $ 13,196 $ — $ — $ 29,667 $ — Contingently returnable consideration — — 5,587 — — — Liabilities Contingent consideration — — 150,131 — — 41,050 Deal-Contingent Forward — — — — — 852 Total assets and liabilities measured at fair value $ — $ 13,196 $ 155,718 $ — $ 29,667 $ 41,902 Contingently returnable consideration of $1.3 million and $4.3 million was recorded in Other current assets and Other non- current assets, respectively, on the Consolidated Balance Sheets as of September 30, 2024 . Contingent consideration of $44.1 million was recorded in Accounts payable and accrued liabilities on the Consolidated Balance Sheets as of September 30, 2024 . Contingent consideration of $106.0 million and $41.1 million was recorded in Other non-current liabilities on the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 , respectively. Level 3 Assets and Liabilities Measured at Fair Value The following is a reconciliation of the beginning and ending balances of the Level 3 assets and liabilities measured at fair value: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Assets Balance at beginning of period $ 4,868 $ — $ — $ — Newly established assets due to acquisitions — — 4,868 — Total gains included in earnings 431 — 431 — Total gains included in OCI 288 — 288 — Balance at end of period $ 5,587 $ — $ 5,587 $ — Liabilities Balance at beginning of period $ 44,971 $ 25,290 $ 41,902 $ 29,251 Newly established liability due to acquisitions 103,769 8,091 103,769 8,091 Total losses included in earnings 1,391 2,637 8,901 6,588 Settlements — — (5,384) (7,912) Acquisition measurement period adjustments — — 943 — Balance at end of period $ 150,131 $ 36,018 $ 150,131 $ 36,018 For the nine months ended September 30, 2024 , $5.4 million r elated to the loss on the settlement of the Deal-Contingent Forward is presented in the operating section of the Consolidated Statements of Cash Flows. For the nine months ended September 30, 2023 , $3.4 million and $4.5 million settlements of contingent consideration are presented in the operating and financing sections, respectively, of the Consolidated Statements of Cash Flows.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal – E&O and Other Considerations As an E&S and Admitted markets intermediary, the Company faces ordinary course of business E&O exposure. The Company also has potential E&O risk if an insurance carrier with which Ryan Specialty placed coverage denies coverage for a claim or pays less than the insured believes is the full amount owed. The Company seeks to resolve, through commercial accommodations, certain matters to limit the economic exposure, including potential legal fees, and reputational risk created by a disagreement between a carrier and the insured, as well as other E&O matters. The Company utilizes insurance to provide protection from E&O liabilities that may arise during the ordinary course of business. Ryan Specialty’s E&O insurance provides aggregate coverage for E&O losses up to $150.0 million in excess of a per claim retention amount of $5.0 million . The Company’s aggregate coverage for E&O losses increased from $100.0 million to $150.0 million as of June 1, 2024 . The Company’s per claim retention amount increased from $2.5 million to $5.0 million as of June 1, 2023 . The Company periodically determines a range of possible outcomes using the best available information that relies, in part, on projecting historical claim data into the future. Loss contingencies of $5.7 million and $6.4 million were recorded for outstanding matters as of September 30, 2024 and December 31, 2023 , respectively. Loss contingencies exclude the impact of any loss recoveries. The Company recognized the net impact of the loss contingencies and any loss recoveries of a $0.9 million benefit and $0.8 million expense for the three months ended September 30, 2024 and 2023 , respectively, and $0.8 million and $5.5 million expense for the nine months ended September 30, 2024 and 2023 , respectively, in General and administrative expense on the Consolidated Statements of Income (Loss). The historical claim and commercial accommodation data used to project the current estimates may not be indicative of future claim activity. Thus, the estimates could change in the future as more information becomes known, which could materially impact the amounts reported and disclosed herein. During 2022, the Company placed certain insurance policies through a trading partner with the understanding that the policies were underwritten by highly rated insurance capital. The policies were instead underwritten by an insurance carrier that was not considered satisfactory by the Company or the insureds. The Company committed to securing replacement coverage, to the extent commercially available, from highly rated insurance companies on terms substantially similar to the insurance coverage originally agreed upon. As a result of this unusual circumstance, the Company has and may continue to incur losses (“Replacement Costs”) arising from the original placements. The Company has determined that it is probable that it will be exposed to the Replacement Costs on policies placed with this trading partner. The Company recognized an estimated loss contingency of $0.9 million and $0.2 million , respectively, as of September 30, 2024 and December 31, 2023 , within Accounts payable and accrued liabilities on the Consolidated Balance Sheets. Relatedly, the Company has obtained sufficient evidence from its E&O insurance carriers to conclude that a recovery of the claim for the Replacement Costs, in excess of the $2.5 million retention, is probable. A loss recovery of $20.2 million and $20.6 million was recorded as of September 30, 2024 and December 31, 2023 , respectively, in Other current assets on the Consolidated Balance Sheets. In the aggregate, the loss contingency and related loss recovery resulted in a $2.5 million expense recognized in 2022 and no further expense related to this matter has been recognized since. It is at least reasonably possible that the estimate of Replacement Costs will change in the near term as policies are adjusted. Further, exposure to additional losses may arise from policies that had expired prior to, or shortly after, the discovery of this unusual circumstance, adjustable premiums arising from the addition or deletion of properties over the policy term, unpaid covered claims, or other damages for losses incurred by our customers. An estimate of these potential losses cannot be made at this time but could change in the future as more information becomes known.

Related Parties

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Related Parties Ryan Investment Holdings Ryan Investment Holdings, LLC (“RIH”) was formed as an investment holding company designed to aggregate the funds of Ryan Specialty and Geneva Ryan Holdings, LLC (“GRH”) for investment in Geneva Re Partners, LLC (“GRP”). GRH was formed as an investment holding company designed to aggregate investment funds of Patrick G. Ryan and other affiliated investors. Two affiliated investors are LLC Unitholders and directors of the Company, and another is an LLC Unitholder and employee of the Company. Ryan Specialty does not consolidate GRH as the Company does not have a direct investment in or variable interest in this entity. The Company holds a 47% interest in RIH and GRH holds the remaining 53% interest. RIH has a 50% non-controlling interest in GRP and the other 50% is owned by Nationwide Mutual Insurance Company. GRP wholly owns Geneva Re, Ltd (“Geneva Re”), a Bermuda-regulated reinsurance company, and GR Bermuda SAC Ltd (the “Segregated Account Company”). The Segregated Account Company has one segregated account, which is beneficially owned by a third-party insurance company (the “Third-party Insurer”). RIH is considered a related party variable interest entity under common control with the Company. The Company is not most closely associated with the variable interest entity and therefore does not consolidate RIH. The assets of RIH are restricted to settling obligations of RIH, pursuant to Delaware limited liability company statutes. The Company is not required to contribute any additional capital to RIH, and its maximum exposure to loss on the equity method investment is the total invested capital of $47.0 million . The Company may be exposed to losses arising from the equity method investment as a result of underwriting losses recognized at Geneva Re or losses on Geneva Re’s investment portfolio. RIH has committed to contribute additional capital to GRP over the next several years. Patrick G. Ryan, through a trust of which he is the beneficiary and co-trustee, has committed to personally fund any such additional capital contributions. Any such additional capital contributions under this commitment will not affect the relative ownership of RIH’s common equity. Geneva Re The Company has a service agreement with Geneva Re to provide both administrative services to, as well as disburse payments for costs directly incurred by, Geneva Re. These direct costs include compensation expenses incurred by employees of Geneva Re. The Company had $0.4 million and $0.2 million due from Geneva Re under this agreement as of September 30, 2024 and December 31, 2023 , respectively. Ryan Re Services Agreements with Geneva Re Ryan Re, a wholly owned subsidiary of the Company, is party to a services agreement with Geneva Re to provide, among other services, certain underwriting and administrative services to Geneva Re. Ryan Re receives a service fee equal to 115% of the administrative costs incurred by Ryan Re in providing these services to Geneva Re. Revenue earned from Geneva Re was $0.3 million and $0.4 million for the three months ended September 30, 2024 and 2023 , respectively, and $1.1 million for the nine months ended September 30, 2024 and 2023 . Receivables due from Geneva Re under this agreement were $1.1 million and $0.7 million as of September 30, 2024 and December 31, 2023 , respectively. On April 2, 2023, Ryan Re entered into a services agreement with Geneva Re in accordance with which Ryan Re subcontracted certain services to Geneva Re that Ryan Re is required to provide to the segregated account of the Segregated Account Company on behalf of the Third-party Insurer. The Company incurred expense of $2.7 million and $2.2 million during the three months ended September 30, 2024 and 2023 , respectively, and $7.9 million and $5.4 million during the nine months ended September 30, 2024 and 2023 , respectively. As of September 30, 2024 and December 31, 2023 , the Company had prepaid expense s of $7.9 million and $5.3 million , respectively, related to this services agreement. The prepaid expenses are included in Other currents assets on the Consolidated Balance Sheets. Company Leasing of Corporate Jets In the ordinary course of its business, the Company charters executive jets for business purposes from Executive Jet Management (“EJM”), a third-party service provider. Mr. Ryan indirectly owns aircraft that he leases to EJM for EJM’s charter operations for which he receives remuneration from EJM. The Company pays market rates for chartering aircraft through EJM, unless the particular aircraft chartered is Mr. Ryan’s, in which case the Company receives a discount below market rates. Historically, the Company has been able to charter Mr. Ryan’s aircraft and make use of this discount. The Company recognized expense related to business usage of aircraft of $0.2 million for the three months ended September 30, 2024 and 2023 , and $1.0 million and $0.9 million for the nine months ended September 30, 2024 and 2023 , respectively.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is taxed as a corporation for income tax purposes and is subject to federal, state, and local taxes with respect to its allocable share of any net taxable income from the LLC. The LLC is a limited liability company taxed as a partnership for income tax purposes, and its taxable income or loss is passed through to its members, including the Company. The LLC is subject to income taxes on its taxable income in certain foreign countries, in certain state and local jurisdictions that impose income taxes on partnerships, and on the taxable income of its U.S. corporate subsidiaries. Effective Tax Rate The Company’s effective tax rate from continuing operations was (45.50)% and 61.26% for the three months ended September 30, 2024 and 2023 , respectively, and 7.90% and 23.92% for the nine months ended September 30, 2024 and 2023 , respectively. The effective tax rates for the three and nine months ended September 30, 2024 , were lower than the 21% st atutory rate primarily as a result of the vesting of IPO RSUs, exercising of Stock Options, an d the income attributable to the non-controlling interests. The effective tax rates for the three and nine months ended September 30, 2023 , were higher than the 21% statutory rate primarily as a result of the $20.7 million non-cash deferred income tax expense from the common control reorganization described below, which was recognized in Income tax expense in the Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2023 . The Company does not believe it has any significant uncertain tax positions and therefore has no unrecognized tax benefits as of September 30, 2024 , that, if recognized, would affect the annual effective tax rate. The Company does not anticipate material changes in unrecognized tax benefits within the next twelve-month period. Deferred Taxes The Company reported Deferred tax assets, net of deferred tax liabilities where appropriate, of $486.4 million and $383.8 million as of September 30, 2024 and December 31, 2023 , respectively, on the Consolidated Balance Sheets. The increase in the Deferred tax assets during the nine months ended September 30, 2024 , was primarily related to exchanges of LLC Common Units. As of September 30, 2024 , the Company concluded that, based on the weight of all available positive and negative evidence, the Deferred tax assets with respect to the Company’s basis difference in its investment in the LLC are more likely than not to be realized. As such, no valuation allowance has been recognized against that basis difference. Common Control Reorganization (“CCR”) Subsequent to the acquisition of Socius, which was acquired by a wholly owned subsidiary of Ryan Specialty Holdings, Inc., the Company converted Socius to an LLC (“Socius LLC”) and transferred Socius LLC to the LLC. This legal entity reorganization was considered a transaction between entities under common control. The CCR resulted in deferred tax liabilities of $64.5 million established and non-cash deferred income tax expense of $20.7 million for the three and nine months ended September 30, 2023 . Additionally, the difference between the carrying value and the fair value of the investment transferred under common control resulted in an increase of $13.1 million to Non-controlling interests on the Consolidated Statements of Stockholders’ Equity during the three months ended September 30, 2023 . Tax Receivable Agreement (TRA) The Company is party to a TRA with current and certain former LLC Unitholders. The TRA provides for the payment by the Company to the current and certain former LLC Unitholders of 85% of the net cash savings, if any, in U.S. federal, state, and local income taxes that the Company realizes (or is deemed to realize in certain circumstances) as a result of (i) certain increases in the tax basis of the assets of the LLC resulting from purchases or exchanges of LLC Common Units (“Exchange Tax Attributes”), (ii) certain tax attributes of the LLC that existed prior to the IPO (“Pre-IPO M&A Tax Attributes”), (iii) certain favorable “remedial” partnership tax allocations to which the Company becomes entitled (if any), and (iv) certain other tax benefits related to the Company entering into the TRA, including certain tax benefits attributable to payments that the Company makes under the TRA (“TRA Payment Tax Attributes”). The Company recognizes a liability on the Consolidated Balance Sheets based on the undiscounted estimated future payments under the TRA. The amounts payable under the TRA will vary depending upon a number of factors, including the amount, character, and timing of the taxable income of the Company in the future. Based on current projections, the Company anticipates having sufficient taxable income to be able to realize the benefits and has recorded Tax Receivable Agreement liabilities of $455.1 million related to these benefits on the Consolidated Balance Sheets as of September 30, 2024 . The following summarizes activity related to the Tax Receivable Agreement liabilities: Exchange Tax Attributes Pre-IPO M&A Tax Attributes TRA Payment Tax Attributes TRA Liabilities Balance at December 31, 2023 $ 194,668 $ 85,814 $ 78,416 $ 358,898 Exchange of LLC Common Units 68,931 5,287 21,365 95,583 Accrued interest — — 646 646 Balance at September 30, 2024 $ 263,599 $ 91,101 $ 100,427 $ 455,127 During the nine months ended September 30, 2024 and 2023 , increases to the TRA liabilities of $95.6 million and $63.2 million , respectively, due to exchanges of LLC Common Units for Class A common stock were recognized in Additional paid-in capital on the Consolidated Statements of Stockholders’ Equity. During the nine months ended September 30, 2024 and 2023 , increases to the TRA liabilities of $0.6 million and $0.5 million , respectively, due to accrued interest were recognized in Other non-operating loss on the Consolidated Statements of Income (Loss). Other Comprehensive Income (Loss) The following table summarizes the tax effects on the components of Other comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Gain) loss on interest rate cap $ 1,022 $ (914) $ (1,009) $ (2,583) Gain on interest rate cap reclassified to earnings 863 733 2,479 1,866 Foreign currency translation adjustments (2,357) 188 (2,540) 54 Change in share of equity method investment in related party 52 88 (348) (96)

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
Accumulated Other Comprehensive Income	Sep. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Changes in the balance of Accumulated other comprehensive income, net of tax, were as follows: Gain (Loss) on Interest Rate Cap Foreign Currency Translation Adjustments Change in EMI Other Comprehensive Income (Loss) 1 Total Balance at December 31, 2023 $ 4,697 $ 982 $ (2,603) $ 3,076 Other comprehensive income (loss) before reclassifications 10,540 (1,024) 3,780 13,296 Amounts reclassified to earnings (5,735) — — (5,735) Other comprehensive income (loss) $ 4,805 $ (1,024) $ 3,780 $ 7,561 Less: Non-controlling interests 2,887 (616) 2,270 4,541 Balance at March 31, 2024 $ 6,615 $ 574 $ (1,093) $ 6,096 Other comprehensive income (loss) before reclassifications 3,840 2,309 (940) 5,209 Amounts reclassified to earnings (5,700) — — (5,700) Other comprehensive income (loss) $ (1,860) $ 2,309 $ (940) $ (491) Less: Non-controlling interests (1,116) 1,382 (564) (298) Balance at June 30, 2024 $ 5,871 $ 1,501 $ (1,469) $ 5,903 Other comprehensive income (loss) before reclassifications (6,902) 15,917 (353) 8,662 Amounts reclassified to earnings (5,827) — — (5,827) Other comprehensive income (loss) $ (12,729) $ 15,917 $ (353) $ 2,835 Less: Non-controlling interests (7,397) 9,259 (204) 1,658 Balance at September 30, 2024 $ 539 $ 8,159 $ (1,618) $ 7,080 Gain (Loss) on Interest Rate Cap Foreign Currency Translation Adjustments Change in EMI Other Comprehensive Income (Loss) 1 Total Balance at December 31, 2022 $ 8,065 $ 157 $ (2,187) $ 6,035 Other comprehensive income (loss) before reclassifications (2,218) 783 584 (851) Amounts reclassified to earnings (3,922) — — (3,922) Other comprehensive income (loss) $ (6,140) $ 783 $ 584 $ (4,773) Less: Non-controlling interests (3,889) 498 370 (3,021) Balance at March 31, 2023 $ 5,814 $ 442 $ (1,973) $ 4,283 Other comprehensive income (loss) before reclassifications 15,260 279 868 16,407 Amounts reclassified to earnings (5,010) — — (5,010) Other comprehensive income $ 10,250 $ 279 $ 868 $ 11,397 Less: Non-controlling interests 6,434 176 545 7,155 Balance at June 30, 2023 $ 9,630 $ 545 $ (1,650) $ 8,525 Other comprehensive income (loss) before reclassifications 6,958 (1,429) (672) 4,857 Amounts reclassified to earnings (5,584) — — (5,584) Other comprehensive income $ 1,374 $ (1,429) $ (672) $ (727) Less: Non-controlling interests 829 (862) (405) (438) Balance at September 30, 2023 $ 10,175 $ (22) $ (1,917) $ 8,236 1 Change in share of equity method investment in related party other comprehensive income (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
Supplemental Financial Information	Sep. 30, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Interest Income The Company earned interest income of $5.6 million and $7.1 million during the three months ended September 30, 2024 and 2023 , respectively, and $19.0 million and $23.0 million during the nine months ended September 30, 2024 and 2023 , respectively, on its operating Cash and cash equivalents. Interest income is recognized in Interest expense, net on the Consolidated Statements of Income (Loss). Supplemental Cash Flow Information The following represents the supplemental cash flow information of the Company: Nine Months Ended September 30, 2024 2023 Cash paid for: Interest $ 119,901 $ 116,620 Income taxes, net of refunds 24,641 9,812 Non-cash investing and financing activities: Non-controlling interest holders’ tax distributions declared but unpaid $ 1,137 $ — Tax Receivable Agreement liabilities 95,583 63,249 Dividend Equivalents and Declared Distributions liabilities 3,586 — Contingently returnable consideration 4,868 — Contingent consideration liabilities 103,769 8,091

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through October 31, 2024 , and has concluded that no events have occurred that require disclosure other than the events listed below. On October 1, 2024, the Company completed the acquisition of certain assets of EverSports & Entertainment Insurance, Inc., an MGU focused on sports, leisure, and entertainment headquartered in Carmel, Indiana, for approximately $45.0 million cash consideration. This acquisition will include contingent consideration in its final purchase price, however, the Company has not yet completed the valuation of the contingent consideration or the purchase price allocation to the acquired assets and liabilities as of the date of this filing. On October 30, 2024 , the Compan y’s Board of Directors approved a quarterly cash dividend of $0.11 per share of outstanding Class A common stock. The quarterly dividend will be payable on November 26, 2024 , to shareholders of record of Class A common stock as of the close of business on November 12, 2024 . Any future dividends will be subject to the approval of the Company’s Board of Directors.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 17,589	$ (5,047)	$ 80,911	$ 38,191

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Mark Katz [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Mark Katz , Executive Vice President, General Counsel and Corporate Secretary , adopted a “Rule 10b5-1 trading arrangement” (as such term is defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”) on September 14, 2024 to sell up to 30,000 shares of the Company’s Class A common stock that are either held directly or issuable upon conversion of LLC common units, between the first potential sale date on December 13, 2024 and the expiration of his 10b5-1 Plan on March 31, 2025
Name	Mark Katz
Title	Executive Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 14, 2024
Expiration Date	March 31, 2025
Arrangement Duration	108 days
Aggregate Available	30,000	30,000
Nicholas Cortezi [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Nicholas Cortezi , a Director , adopted a 10b5-1 Plan on September 14, 2024 to sell up to 500,000 shares of the Company’s Class A common stock issuable upon conversion of LLC common units between the first potential sale date on December 13, 2024 and the expiration of his 10b5-1 Plan on August 15, 2025 .
Name	Nicholas Cortezi
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 14, 2024
Expiration Date	August 15, 2025
Arrangement Duration	335 days
Aggregate Available	500,000	500,000

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Ryan Specialty Holdings, Inc., (the “Company”) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. These services encompass distribution, underwriting, product development, administration, and risk management by acting as a wholesale broker and a managing underwriter or a program administrator with delegated authority from insurance carriers. The Company’s offerings cover a wide variety of sectors including commercial, industrial, institutional, governmental, and personal through one operating segment, Ryan Specialty. With the exception of the Company’s equity method investment, the Company does not take on any underwriting risk. The Company is headquartered in Chicago, Illinois, and has operations in the United States, Canada, the United Kingdom, Europe, and Singapore. The Company’s Class A common stock is traded on the New York Stock Exchange under the ticker symbol “RYAN”.
Organization	Organization Ryan Specialty Holdings, Inc., was formed as a Delaware corporation on March 5, 2021, for the purpose of completing an IPO and to carry on the business of the LLC. New Ryan Specialty, LLC, or New LLC, was formed as a Delaware limited liability company on April 20, 2021, for the purpose of becoming, subsequent to our IPO, an intermediate holding company between Ryan Specialty Holdings, Inc., and the LLC. The Company is the sole managing member of New LLC. New LLC is a holding company with its sole material asset being a controlling equity interest in the LLC. The Company operates and controls the business and affairs of the LLC through New LLC and, through the LLC, conducts its business. Accordingly, the Company consolidates the financial results of New LLC, and therefore the LLC, and reports the non- controlling interests of New LLC’s Common Units on its consolidated financial statements. As the LLC is substantively the same as New LLC, for the purpose of this document, we will refer to both New LLC and the LLC as the “LLC”.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated interim financial statements and notes thereto have been prepared in accordance with U.S. GAAP. Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC for interim financial information. These consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. In the opinion of management, the unaudited consolidated interim financial statements include all normal recurring adjustments necessary to present fairly the Company’s consolidated financial position, results of operations, and cash flows for all periods presented.
Reclassification	Certain prior period amounts in the Consolidated Statements of Cash Flows have been reclassified
Principles of Consolidation	Principles of Consolidation The unaudited consolidated interim financial statements include the accounts of the Company and its subsidiaries that it controls due to ownership of a majority voting interest or pursuant to variable interest entity (“VIE”) accounting. All intercompany transactions and balances have been eliminated in consolidation. The Company, through its intermediate holding company New LLC, owns a minority economic interest in, and operates and controls the businesses and affairs of, the LLC. The LLC is a VIE of the Company and the Company is the primary beneficiary of the LLC as the Company has both the power to direct the activities that most significantly impact the LLC’s economic performance and has the obligation to absorb losses of, and receive benefits from, the LLC, which could be significant to the Company. Accordingly, the Company has prepared these consolidated financial statements in accordance with Accounting Standards Codification 810, Consolidation (“ASC 810”). ASC 810 requires that if an entity is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE should be included in the consolidated financial statements of such entity. The Company’s relationship with the LLC results in no recourse to the general credit of the Company and the Company has no contractual requirement to provide financial support to the LLC. The Company shares in the income and losses of the LLC in direct proportion to the Company’s ownership percentage.
Use of Estimates	Use of Estimates The preparation of the unaudited consolidated interim financial statements and notes thereto requires management to make estimates, judgments, and assumptions that affect the amounts reported in the unaudited consolidated interim financial statements and in the notes thereto. Such estimates and assumptions could change in the future as circumstances change or
Significant Accounting Policies	Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies from those that were disclosed for the year ended December 31, 2023 , in the Company’s Annual Report on Form 10-K filed with the SEC on February 28,
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures , which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740) — Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. New Accounting Pronouncements Recently Adopted In March 2024, the FASB issued ASU 2024-01 Compensation — Stock Compensation (Topic 718) — Scope Application of Profits Interest and Similar Awards, which provides illustrative examples to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interests and similar awards should be accounted for in accordance with Topic 718. This ASU is effective for public companies for fiscal years beginning after December 15, 2024, but early adoption is permitted. The Company adopted this standard retrospectively on January 1, 2024, with no material impact to the consolidated financial statements or disclosures. In March 2024, the FASB issued ASU 2024-02 Codification Improvements — Amendments to Remove References to the Concept Statements, which removes references to various FASB Concepts Statements in order to simplify the Codification and draw a distinction between authoritative and nonauthoritative literature. This ASU is effective for public companies for fiscal years beginning after December 15, 2024, but early adoption is permitted. The Company adopted this standard prospectively on January 1, 2024, with no material impact to the consolidated financial statements or disclosures.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
Revenue from Contracts with Customers (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Revenue with Customers by Specialty	The following table summarizes revenue from contracts with customers by Specialty: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Wholesale Brokerage $ 346,666 $ 308,872 $ 1,114,240 $ 976,338 Binding Authority 76,497 69,245 245,762 208,547 Underwriting Management 164,966 109,228 446,262 322,993 Total Net commissions and fees $ 588,129 $ 487,345 $ 1,806,264 $ 1,507,878

Mergers and Acquisitions (Table

Mergers and Acquisitions (Tables)	9 Months Ended
Mergers and Acquisitions (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Estimated Fair Values of the Material Aggregate Assets and Liabilities Acquired	The following table summarizes the estimated fair value of the aggregate assets and liabilities acquired during the nine months ended September 30, 2024 : Castel US Assure Greenhill Ethos P&C Total Cash and cash equivalents $ 10,294 $ 7,181 $ 314 $ — $ 17,789 Commissions and fees receivable – net 10,657 50,111 46 — 60,814 Fiduciary cash and receivables 119,333 122,136 3,222 — 244,691 Goodwill 2 190,602 457,847 7,268 24,246 679,963 Customer relationships 1 97,820 670,300 4,158 21,100 793,378 Other intangible assets 875 9,900 — — 10,775 Lease right-of-use assets 1,269 2,256 — — 3,525 Other current and non-current assets 1,277 606 — — 1,883 Total assets acquired $ 432,127 $ 1,320,337 $ 15,008 $ 45,346 $ 1,812,818 Accounts payable and accrued liabilities 1,138 9,284 — — 10,422 Accrued compensation 43,538 3,084 49 1,371 48,042 Fiduciary liabilities 119,433 122,136 3,222 — 244,791 Operating lease liabilities 1,269 2,256 — — 3,525 Deferred tax liabilities 2 21,816 — — — 21,816 Total liabilities assumed $ 187,194 $ 136,760 $ 3,271 $ 1,371 $ 328,596 Net assets acquired $ 244,933 $ 1,183,577 $ 11,737 $ 43,975 $ 1,484,222 1 The acquired customer relationships have a weighted average amortization period of 13.8 years . 2 Includes a correction of an error to the purchase price allocation for the Castel acquisition, which resulted in an increase to Deferred tax liabilities and Goodwill of $24.6 million . The table above shows the deferred tax liabilities net of deferred tax assets of $2.8 million .
Pro Forma Financial Information	The pre-acquisition Castel and US Assure results included in the pro forma figures below contain acquisition-related expenses that were not considered pro forma adjustments for the Company. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total revenue $ 630,260 $ 565,699 $ 1,949,548 $ 1,746,130 Net income 8,333 25,225 130,932 27,902
Change in Contingent Consideration and Interest Expense	The table below summarizes the amounts recognized: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Change in contingent consideration $ (365) $ 1,848 $ 813 $ 4,358 Interest expense, net 1,325 789 3,125 2,230 Total $ 960 $ 2,637 $ 3,938 $ 6,588

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
Restructuring (Tables)	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Expense for the Program Incurred	The table below presents the restructuring expense for the program incurred: Three Months Ended September 30, Nine Months Ended September 30, Inception-to- Date 2024 2023 2024 2023 As of September 30, 2024 Operations and technology optimization $ 6,828 $ 10,824 $ 17,714 $ 18,529 $ 43,709 Compensation and benefits 3,680 5,109 29,800 6,709 41,120 Asset impairment and other termination costs 318 544 318 11,057 11,375 Total $ 10,826 $ 16,477 $ 47,832 $ 36,295 $ 96,204
Changes in Restructuring Liability	The table below presents a summary of changes in the restructuring liability: Operations and Technology Optimization Compensation and Benefits Asset Impairment and Other Termination Costs Total Balance at December 31, 2023 $ 5,886 $ 1,080 $ — $ 6,966 Accrued costs 36,140 29,800 318 66,258 Payments (29,649) (27,936) — (57,585) Non-cash adjustments — — (318) (318) Balance at September 30, 2024 $ 12,377 $ 2,944 $ — $ 15,321

Receivables and Other Current_2

Receivables and Other Current Assets (Tables)	9 Months Ended
Receivables and Other Current Assets (Tables)	Sep. 30, 2024
Receivables [Abstract]
Changes in Allowance for Expected Credit Losses	The following table provides a summary of changes in the Company’s allowance for expected credit losses: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Beginning of period $ 3,153 $ 2,089 $ 2,458 $ 1,980 Write-offs (1,225) (441) (2,510) (1,342) Increase in provision 1,691 869 3,671 1,879 End of period $ 3,619 $ 2,517 $ 3,619 $ 2,517
Major Classes of Other Current Assets	Major classes of other current assets consist of the following: September 30, 2024 December 31, 2023 Prepaid expenses $ 45,610 $ 25,762 Insurance recoverable 20,155 20,562 Other current receivables 18,400 15,905 Total Other current assets $ 84,165 $ 62,229

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Additional Information on Leases	The following table provides additional information about the Company’s leases: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease costs Operating lease costs $ 7,669 $ 8,687 $ 23,408 $ 26,339 Short-term lease costs Operating lease costs 228 234 675 635 Sublease income (112) (193) (408) (439) Lease costs – net $ 7,785 $ 8,728 $ 23,675 $ 26,535 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 22,516 $ 23,245 Non-cash related activities Right-of-use assets obtained in exchange for new operating lease liabilities 15,236 9,948 Amortization of right-of-use assets for operating lease activity 16,803 20,197 Weighted average discount rate (percent) Operating leases 5.3 % 5.1 % Weighted average remaining lease term (years) Operating leases 7.8 8.3

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Outstanding Debt	The following table is a summary of the Company’s outstanding debt: September 30, 2024 December 31, 2023 Term debt 7 -year term loan facility, periodic interest and quarterly principal payments, Adjusted Term SOFR + 2.25% as of September 30, 2024 , Adjusted Term SOFR + 3.00% as of December 31, 2023 , matures September 13, 2031 $ 1,677,446 $ 1,564,718 Senior secured notes 8 -year senior secured notes, semi-annual interest payments, 4.38% , matures February 1, 2030 397,057 400,704 8 -year secured notes, semi-annual interest payments, 5.88% , matures August 1, 2032 591,805 — Revolving debt 5 -year revolving loan facility, periodic interest payments, Adjusted Term SOFR + up to 2.50% as of September 30, 2024 , Adjusted Term SOFR + up to 3.00% as of December 31, 2023 , plus commitment fees of 0.25% - 0.50% , matures July 30, 2029 714 377 Premium financing notes Commercial notes, periodic interest and principal payments, 6.25% , expire May 1, 2025 4,642 — Commercial notes, periodic interest and principal payments, 6.25% , expire June 1, 2025 871 — Commercial notes, periodic interest and principal payments, 6.25% , expire June 21, 2025 3,932 — Commercial notes, periodic interest and principal payments, 5.75% , expired May 1, 2024 — 2,251 Commercial notes, periodic interest and principal payments, 5.75% , expired June 1, 2024 — 622 Commercial notes, periodic interest and principal payments, 6.00% , expired June 19, 2024 — 2,485 Commercial notes, periodic interest and principal payments, 5.75% , expired June 21, 2024 — 2,855 Units subject to mandatory redemption 3,399 5,200 Total debt $ 2,679,866 $ 1,979,212 Less: Short-term debt and current portion of long-term debt (33,316) (35,375) Long-term debt $ 2,646,550 $ 1,943,837

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	9 Months Ended
Equity Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Nonvested Stock Units Activity	Nine Months Ended September 30, 2024 Restricted Stock Weighted Average Grant Date Fair Value Restricted Common Units Weighted Average Grant Date Fair Value Unvested at beginning of period 938,910 $ 21.15 1,122,564 $ 23.84 Granted — — — — Vested (457,906) 21.15 (869,906) 23.84 Forfeited (1,883) 21.15 — — Unvested at end of period 479,121 $ 21.15 252,658 $ 23.84 Nine Months Ended September 30, 2024 IPO RSUs Incentive RSUs Restricted Stock Units Weighted Average Grant Date Fair Value Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at beginning of period 3,359,778 $ 23.07 1,819,916 $ 38.02 Granted — — 794,643 52.72 Vested (596,879) 22.81 (177,713) 37.73 Forfeited (40,332) 22.77 (70,305) 40.07 Unvested at end of period 2,722,567 $ 23.13 2,366,541 $ 42.92 Nine Months Ended September 30, 2024 IPO RLUs Incentive RLUs Restricted LLC Units Weighted Average Grant Date Fair Value Restricted LLC Units Weighted Average Grant Date Fair Value Unvested at beginning of period 1,448,127 $ 25.09 482,329 $ 39.80 Granted — — 249,971 51.33 Vested (154,589) 25.05 (45,588) 35.60 Forfeited — — — — Unvested at end of period 1,293,538 $ 25.10 686,712 $ 44.30 Nine Months Ended September 30, 2024 PSUs PLUs Performance Stock Units Weighted Average Grant Date Fair Value Performance LLC Units Weighted Average Grant Date Fair Value Unvested at beginning of period — $ — — $ — Granted 303,721 24.75 487,218 24.40 Vested — — — — Forfeited — — — — Unvested at end of period 303,721 $ 24.75 487,218 $ 24.40
Stock Options Outstanding	Nine Months Ended September 30, 2024 Reload Options 1 Staking Options 1 Incentive Options Incentive Options Weighted Average Exercise Price Outstanding at beginning of period 4,473,388 66,667 165,684 $ 34.39 Granted — — 150,000 52.38 Exercised (508,613) — — — Forfeited (17,611) — (11,002) 34.39 Outstanding at end of period 3,947,164 66,667 304,682 $ 43.25 1 As the Reload and Staking Options were one-time grants at the IPO, the weighted average exercise price for any movements in these awards will perpetually be $23.50 . As such, the values are not presented in the table above. Nine Months Ended September 30, 2024 Reload Class C Incentive Units Staking Class C Incentive Units Class C Incentive Units Class C Incentive Units Weighted Average Participation Threshold Unvested at beginning of period 3,911,490 1,876,669 495,822 $ 36.96 Granted — — — — Vested (2,958,895) (271,666) — — Forfeited — — — — Unvested at end of period 952,595 1,605,003 495,822 $ 36.84
Incentive Options, Valuation Assumptions	The fair value of Incentive Options granted during the nine months ended September 30, 2024 , was determined using the Black-Scholes option pricing model with the following assumptions: Incentive Options Volatility 25.0% Time to maturity (years) 7.0 Risk-free rate 4.2% Dividend yield 0.8% Fair value per option $17.09
Performance-Based Awards, Valuation Assumptions	The fair value of the performance-based awards granted during the nine months ended September 30, 2024 , was determined using the Monte Carlo simulation valuation model with the following assumptions: PSUs and PLUs Volatility 24.7% Time to maturity (years) 4.1 Risk-free rate 4.2% Initial RYAN stock price $52.38
Recognized and Unrecognized Equity-Based Compensation Costs	As of September 30, 2024 , the unrecognized equity-based compensation costs related to each type of equity-based compensation award described above and the related weighted-average remaining expense period were as follows: Amount Weighted Average Remaining Expense Period (Years) Restricted Stock $ 1,268 0.5 IPO RSUs 29,887 3.4 Incentive RSUs 62,355 2.4 Reload Options 1,216 0.7 Staking Options 253 3.9 Incentive Options 2,650 1.6 PSUs 6,607 4.3 Restricted Common Units 670 0.2 IPO RLUs 18,062 4.7 Incentive RLUs 21,336 2.0 Reload Class C Incentive Units 788 0.9 Staking Class C Incentive Units 9,797 4.2 Class C Incentive Units 5,882 3.8 PLUs 10,448 4.3 Total unrecognized equity-based compensation expense $ 171,219 The following table includes the equity-based compensation the Company recognized by award type from the view of expense related to pre-IPO and post-IPO awards. The table also presents the unrecognized equity-based compensation expense as of September 30, 2024 , in the same view. Recognized Unrecognized Three Months Ended September 30, Nine Months Ended September 30, As of September 30, 2024 2024 2023 2024 2023 IPO awards IPO RSUs and Staking Options $ 2,720 $ 3,654 $ 9,226 $ 12,599 $ 30,140 IPO RLUs and Staking Class C Incentive Units 2,146 2,738 7,277 8,866 27,859 Incremental Restricted Stock and Reload Options 622 1,156 2,485 3,723 1,850 Incremental Restricted Common Units and Reload Class C Incentive Units 586 1,779 3,018 5,779 1,257 Pre-IPO incentive awards Restricted Stock 498 646 1,333 2,144 634 Restricted Common Units 4,733 308 5,095 1,224 201 Post-IPO incentive awards Incentive RSUs 8,001 5,237 21,759 13,896 62,355 Incentive RLUs 2,058 1,214 5,671 3,329 21,336 Incentive Options 272 125 823 368 2,650 Class C Incentive Units 521 521 1,551 1,385 5,882 PSUs 391 — 910 — 6,607 PLUs 619 — 1,439 — 10,448 Other expense Director Stock Grants 292 230 1,077 823 N/A Total equity-based compensation expense $ 23,459 $ 17,608 $ 61,664 $ 54,136 $ 171,219
Aggregate Intrinsic Values and Weighted Average Remaining Contractual Terms of Stock Options Outstanding and Exercisable	The aggregate intrinsic values and weighted average remaining contractual terms of Stock Options outstanding and exercisable as of September 30, 2024 , were as follows: Aggregate intrinsic value ($ in thousands) Reload Options outstanding $ 169,294 Reload Options exercisable 68,702 Staking Options outstanding 2,859 Staking Options exercisable 286 Incentive Options outstanding 7,051 Incentive Options exercisable — Weighted-average remaining contractual term (in years) Reload Options outstanding 6.6 Reload Options exercisable 6.5 Staking Options outstanding 7.8 Staking Options exercisable 7.8 Incentive Options outstanding 8.4 Incentive Options exercisable —

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
Earnings (Loss) Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator Used in the Calculation of Basic and Diluted Earnings (Loss) per Share	A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings (loss) per share of Class A common stock is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 28,643 $ 15,703 $ 187,358 $ 135,977 Less: Net income attributable to non-controlling interests 11,054 20,750 106,447 97,786 Net income (loss) attributable to Ryan Specialty Holdings, Inc. $ 17,589 $ (5,047) $ 80,911 $ 38,191 Numerator: Net income (loss) attributable to Class A common shareholders $ 17,589 $ (5,047) $ 80,911 $ 38,191 Add (less): Income attributed to substantively vested RSUs 369 (100) (1,339) 687 Net income (loss) attributable to Class A common shareholders – basic $ 17,958 $ (5,147) $ 79,572 $ 38,878 Add: Income attributed to dilutive shares 7,886 — 79,624 3,128 Net income (loss) attributable to Class A common shareholders – diluted $ 25,844 $ (5,147) $ 159,196 $ 42,006 Denominator: Weighted-average shares of Class A common stock outstanding – basic 121,915,952 115,872,327 119,383,234 113,291,850 Add: Dilutive shares 150,770,317 — 151,900,158 11,591,673 Weighted-average shares of Class A common stock outstanding – diluted 272,686,269 115,872,327 271,283,392 124,883,523 Earnings (loss) per share Earnings (loss) per share of Class A common stock – basic $ 0.15 $ (0.04) $ 0.67 $ 0.34 Earnings (loss) per share of Class A common stock – diluted $ 0.09 $ (0.04) $ 0.59 $ 0.34
Number of Shares Excluded from Calculation of Diluted Earnings (Loss) Per Share	The following number of shares were excluded from the calculation of diluted earnings (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Conversion of non-controlling interest LLC Common Units 1 — 141,689,681 — 142,974,016 Conversion of vested Class C Incentive Units 1 — 98,699 — 65,028 Restricted Stock — 1,015,761 — — IPO RSUs — 3,229,891 — — Incentive RSUs — 1,776,309 — — Reload Options — 4,548,194 — — Staking Options — 66,667 — — Incentive Options 150,000 168,099 150,000 168,099 Restricted Common Units — 1,239,232 — — IPO RLUs — 1,448,127 — — Incentive RLUs — 482,329 — — Reload Class C Incentive Units — 3,911,490 — — Staking Class C Incentive Units — 1,876,669 — — Class C Incentive Units — 495,822 — 495,822 1 Weighted average units outstanding during the period.

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
Derivatives (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Location and Gains (Losses) On Derivatives in the Consolidated Statements of Income (Loss)	The location and gains (losses) on derivatives are reported on the Consolidated Statements of Income (Loss) as follows: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Caption 2024 2023 2024 2023 Change in the fair value of the Deal-Contingent Forward General and administrative $ — $ — $ (4,532) $ — Total impact of derivatives not designated as hedging instruments $ — $ — $ (4,532) $ — Interest rate cap premium amortization Interest expense, net $ (1,739) $ (1,739) $ (5,216) $ (5,216) Amounts reclassified out of other comprehensive income related to the interest rate cap Interest expense, net 6,689 6,317 19,740 16,381 Total impact of derivatives designated as hedging instruments $ 4,950 $ 4,578 $ 14,524 $ 11,165
Location and Fair Value of Derivatives in the Consolidated Balance Sheets	The location and fair value of derivatives are reported on the Consolidated Balance Sheets as follows: Balance Sheet Caption September 30, 2024 December 31, 2023 Derivatives not designated as hedging instruments Deal-Contingent Forward Accounts payable and accrued liabilities $ — $ 852 Derivatives designated as hedging instruments Interest rate cap Other non-current assets $ 13,196 $ 29,667

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis by fair value hierarchy input level: September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Interest rate cap $ — $ 13,196 $ — $ — $ 29,667 $ — Contingently returnable consideration — — 5,587 — — — Liabilities Contingent consideration — — 150,131 — — 41,050 Deal-Contingent Forward — — — — — 852 Total assets and liabilities measured at fair value $ — $ 13,196 $ 155,718 $ — $ 29,667 $ 41,902
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value	The following is a reconciliation of the beginning and ending balances of the Level 3 assets and liabilities measured at fair value: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Assets Balance at beginning of period $ 4,868 $ — $ — $ — Newly established assets due to acquisitions — — 4,868 — Total gains included in earnings 431 — 431 — Total gains included in OCI 288 — 288 — Balance at end of period $ 5,587 $ — $ 5,587 $ — Liabilities Balance at beginning of period $ 44,971 $ 25,290 $ 41,902 $ 29,251 Newly established liability due to acquisitions 103,769 8,091 103,769 8,091 Total losses included in earnings 1,391 2,637 8,901 6,588 Settlements — — (5,384) (7,912) Acquisition measurement period adjustments — — 943 — Balance at end of period $ 150,131 $ 36,018 $ 150,131 $ 36,018

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Activity Related to the Tax Receivable Agreement Liabilities	The following summarizes activity related to the Tax Receivable Agreement liabilities: Exchange Tax Attributes Pre-IPO M&A Tax Attributes TRA Payment Tax Attributes TRA Liabilities Balance at December 31, 2023 $ 194,668 $ 85,814 $ 78,416 $ 358,898 Exchange of LLC Common Units 68,931 5,287 21,365 95,583 Accrued interest — — 646 646 Balance at September 30, 2024 $ 263,599 $ 91,101 $ 100,427 $ 455,127
Tax Effects on the Components of Other Comprehensive Income (Loss)	The following table summarizes the tax effects on the components of Other comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Gain) loss on interest rate cap $ 1,022 $ (914) $ (1,009) $ (2,583) Gain on interest rate cap reclassified to earnings 863 733 2,479 1,866 Foreign currency translation adjustments (2,357) 188 (2,540) 54 Change in share of equity method investment in related party 52 88 (348) (96)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Tables)	Sep. 30, 2024
Equity [Abstract]
Changes in the Balance of Accumulated Other comprehensive Income, Net of Tax	Changes in the balance of Accumulated other comprehensive income, net of tax, were as follows: Gain (Loss) on Interest Rate Cap Foreign Currency Translation Adjustments Change in EMI Other Comprehensive Income (Loss) 1 Total Balance at December 31, 2023 $ 4,697 $ 982 $ (2,603) $ 3,076 Other comprehensive income (loss) before reclassifications 10,540 (1,024) 3,780 13,296 Amounts reclassified to earnings (5,735) — — (5,735) Other comprehensive income (loss) $ 4,805 $ (1,024) $ 3,780 $ 7,561 Less: Non-controlling interests 2,887 (616) 2,270 4,541 Balance at March 31, 2024 $ 6,615 $ 574 $ (1,093) $ 6,096 Other comprehensive income (loss) before reclassifications 3,840 2,309 (940) 5,209 Amounts reclassified to earnings (5,700) — — (5,700) Other comprehensive income (loss) $ (1,860) $ 2,309 $ (940) $ (491) Less: Non-controlling interests (1,116) 1,382 (564) (298) Balance at June 30, 2024 $ 5,871 $ 1,501 $ (1,469) $ 5,903 Other comprehensive income (loss) before reclassifications (6,902) 15,917 (353) 8,662 Amounts reclassified to earnings (5,827) — — (5,827) Other comprehensive income (loss) $ (12,729) $ 15,917 $ (353) $ 2,835 Less: Non-controlling interests (7,397) 9,259 (204) 1,658 Balance at September 30, 2024 $ 539 $ 8,159 $ (1,618) $ 7,080 Gain (Loss) on Interest Rate Cap Foreign Currency Translation Adjustments Change in EMI Other Comprehensive Income (Loss) 1 Total Balance at December 31, 2022 $ 8,065 $ 157 $ (2,187) $ 6,035 Other comprehensive income (loss) before reclassifications (2,218) 783 584 (851) Amounts reclassified to earnings (3,922) — — (3,922) Other comprehensive income (loss) $ (6,140) $ 783 $ 584 $ (4,773) Less: Non-controlling interests (3,889) 498 370 (3,021) Balance at March 31, 2023 $ 5,814 $ 442 $ (1,973) $ 4,283 Other comprehensive income (loss) before reclassifications 15,260 279 868 16,407 Amounts reclassified to earnings (5,010) — — (5,010) Other comprehensive income $ 10,250 $ 279 $ 868 $ 11,397 Less: Non-controlling interests 6,434 176 545 7,155 Balance at June 30, 2023 $ 9,630 $ 545 $ (1,650) $ 8,525 Other comprehensive income (loss) before reclassifications 6,958 (1,429) (672) 4,857 Amounts reclassified to earnings (5,584) — — (5,584) Other comprehensive income $ 1,374 $ (1,429) $ (672) $ (727) Less: Non-controlling interests 829 (862) (405) (438) Balance at September 30, 2023 $ 10,175 $ (22) $ (1,917) $ 8,236 1 Change in share of equity method investment in related party other comprehensive income (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	9 Months Ended
Supplemental Financial Information (Tables)	Sep. 30, 2024
Supplemental Cash Flow Information [Abstract]
Summary of Supplemental Cash Flow Information	The following represents the supplemental cash flow information of the Company: Nine Months Ended September 30, 2024 2023 Cash paid for: Interest $ 119,901 $ 116,620 Income taxes, net of refunds 24,641 9,812 Non-cash investing and financing activities: Non-controlling interest holders’ tax distributions declared but unpaid $ 1,137 $ — Tax Receivable Agreement liabilities 95,583 63,249 Dividend Equivalents and Declared Distributions liabilities 3,586 — Contingently returnable consideration 4,868 — Contingent consideration liabilities 103,769 8,091

Basis of Presentation (Details)

Basis of Presentation (Details)	9 Months Ended
Basis of Presentation (Details)	Sep. 30, 2024 segment
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of operating segments	1
Common Stock \| New LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest	47.80%

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Summary of Revenue with Customers by Specialty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net commissions and fees	$ 588,129	$ 487,345	$ 1,806,264	$ 1,507,878
Wholesale Brokerage
Disaggregation of Revenue [Line Items]
Net commissions and fees	346,666	308,872	1,114,240	976,338
Binding Authority
Disaggregation of Revenue [Line Items]
Net commissions and fees	76,497	69,245	245,762	208,547
Underwriting Management
Disaggregation of Revenue [Line Items]
Net commissions and fees	$ 164,966	$ 109,228	$ 446,262	$ 322,993

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset	$ 18.5	$ 18.5	$ 13.4
Contract liabilities	11.2	11.2	$ 7.8
Revenue recognized which was previously a contract liability	$ 0.5	$ 7.1

Mergers and Acquisitions - Narr

Mergers and Acquisitions - Narrative (Details) $ in Thousands									3 Months Ended		9 Months Ended
	Sep. 13, 2024 USD ($) program	Sep. 01, 2024 USD ($)	Aug. 30, 2024 USD ($)	May 01, 2024 USD ($)	Dec. 01, 2023 USD ($)	Jul. 03, 2023 USD ($)	Jul. 01, 2023 USD ($)	Jan. 03, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Estimated tax deductible goodwill									$ 545,600		$ 545,600
Acquisition related costs									5,300		11,400
Revenue of acquiree since acquisition date									24,500		33,800
Contingent consideration									(365)	$ 1,848	813	$ 4,358
Incremental amortization expense on intangible assets acquired									12,500	28,300	61,400	89,500
Increase (decrease) in transaction costs									(5,300)		(16,200)	7,700
Increase (decrease) in financing costs and interest expense									(23,900)	11,000		63,000
Decrease in income tax expense										20,700
Incremental tax expenses									8,900	$ 4,000	3,300	$ 19,700
Contingent consideration obligation, maximum									483,100		483,100
Contingently returnable consideration, maximum									20,100		20,100
2024 Acquisitions
Business Acquisition [Line Items]
Contingently returnable consideration											4,900
Contingent consideration liabilities									$ 103,800		103,800
Castel Underwriting Agencies Limited
Business Acquisition [Line Items]
Cash consideration for acquisition				$ 247,600
Contingently returnable consideration				4,900
Castel Underwriting Agencies Limited \| Class A Common Stock
Business Acquisition [Line Items]
Equity consideration for acquisition				$ 2,200
US Assure Insurance Services of Florida, Inc.
Business Acquisition [Line Items]
Cash consideration for acquisition			$ 1,079,800
Contingent consideration liabilities			$ 103,800
Greenhill Underwriting Insurance Services, LLC
Business Acquisition [Line Items]
Cash consideration for acquisition		$ 11,700
Ethos Property And Casualty Managing General Underwriters
Business Acquisition [Line Items]
Cash consideration for acquisition	$ 44,000
Underwriting programs for insurance carriers (in programs) \| program	8
Griffin Underwriting Services
Business Acquisition [Line Items]
Cash consideration for acquisition								$ 115,500
ACE Benefit Partners & Point6 Healthcare
Business Acquisition [Line Items]
Cash consideration for acquisition							$ 46,800
Contingent consideration							$ 2,300
Measurement period adjustment to goodwill											600
Socius Insurance Services Inc
Business Acquisition [Line Items]
Cash consideration for acquisition						$ 253,500
Contingent consideration						5,800
Socius Insurance Services Inc \| Class A Common Stock
Business Acquisition [Line Items]
Equity consideration for acquisition						$ 2,700
AccuRisk Holdings
Business Acquisition [Line Items]
Cash consideration for acquisition					$ 98,300
Measurement period adjustment to goodwill											$ 300

Mergers and Acquisitions - Esti

Mergers and Acquisitions - Estimated Fair Values of the Material Aggregate Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 13, 2024	Sep. 01, 2024	Aug. 30, 2024	May 01, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,341,340					$ 1,646,482
2024 Acquisitions
Business Acquisition [Line Items]
Cash and cash equivalents	17,789
Commissions and fees receivable – net	60,814
Fiduciary cash and receivables	244,691
Goodwill	679,963
Lease right-of-use assets	3,525
Other current and non-current assets	1,883
Total assets acquired	1,812,818
Accounts payable and accrued liabilities	10,422
Accrued compensation	48,042
Fiduciary liabilities	244,791
Operating lease liabilities	3,525
Deferred tax liabilities	21,816
Total liabilities assumed	328,596
Net assets acquired	1,484,222
2024 Acquisitions \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets	$ 793,378
Weighted average amortization period	13 years 9 months 18 days
2024 Acquisitions \| Other intangible assets
Business Acquisition [Line Items]
Intangible assets	$ 10,775
Castel
Business Acquisition [Line Items]
Cash and cash equivalents					$ 10,294
Commissions and fees receivable – net					10,657
Fiduciary cash and receivables					119,333
Goodwill					190,602
Lease right-of-use assets					1,269
Other current and non-current assets					1,277
Total assets acquired					432,127
Accounts payable and accrued liabilities					1,138
Accrued compensation					43,538
Fiduciary liabilities					119,433
Operating lease liabilities					1,269
Deferred tax liabilities					21,816
Total liabilities assumed					187,194
Net assets acquired					244,933
Deferred tax assets					2,800
Castel \| Revision of Prior Period, Error Correction, Adjustment
Business Acquisition [Line Items]
Goodwill	24,600
Deferred tax liabilities	$ 24,600
Castel \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets					97,820
Castel \| Other intangible assets
Business Acquisition [Line Items]
Intangible assets					$ 875
US Assure
Business Acquisition [Line Items]
Cash and cash equivalents				$ 7,181
Commissions and fees receivable – net				50,111
Fiduciary cash and receivables				122,136
Goodwill				457,847
Lease right-of-use assets				2,256
Other current and non-current assets				606
Total assets acquired				1,320,337
Accounts payable and accrued liabilities				9,284
Accrued compensation				3,084
Fiduciary liabilities				122,136
Operating lease liabilities				2,256
Deferred tax liabilities				0
Total liabilities assumed				136,760
Net assets acquired				1,183,577
US Assure \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets				670,300
US Assure \| Other intangible assets
Business Acquisition [Line Items]
Intangible assets				$ 9,900
Greenhill Underwriting Insurance Services, LLC
Business Acquisition [Line Items]
Cash and cash equivalents			$ 314
Commissions and fees receivable – net			46
Fiduciary cash and receivables			3,222
Goodwill			7,268
Lease right-of-use assets			0
Other current and non-current assets			0
Total assets acquired			15,008
Accounts payable and accrued liabilities			0
Accrued compensation			49
Fiduciary liabilities			3,222
Operating lease liabilities			0
Deferred tax liabilities			0
Total liabilities assumed			3,271
Net assets acquired			11,737
Greenhill Underwriting Insurance Services, LLC \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets			4,158
Greenhill Underwriting Insurance Services, LLC \| Other intangible assets
Business Acquisition [Line Items]
Intangible assets			$ 0
Ethos P&C
Business Acquisition [Line Items]
Cash and cash equivalents		$ 0
Commissions and fees receivable – net		0
Fiduciary cash and receivables		0
Goodwill		24,246
Lease right-of-use assets		0
Other current and non-current assets		0
Total assets acquired		45,346
Accounts payable and accrued liabilities		0
Accrued compensation		1,371
Fiduciary liabilities		0
Operating lease liabilities		0
Deferred tax liabilities		0
Total liabilities assumed		1,371
Net assets acquired		43,975
Ethos P&C \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets		21,100
Ethos P&C \| Other intangible assets
Business Acquisition [Line Items]
Intangible assets		$ 0

Mergers and Acquisitions - Pro

Mergers and Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Total revenue	$ 630,260	$ 565,699	$ 1,949,548	$ 1,746,130
Net income	$ 8,333	$ 25,225	$ 130,932	$ 27,902

Mergers and Acquisitions - Chan

Mergers and Acquisitions - Change in Contingent Consideration and Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Change in contingent consideration	$ (365)	$ 1,848	$ 813	$ 4,358
Interest expense, net	1,325	789	3,125	2,230
Total	$ 960	$ 2,637	$ 3,938	$ 6,588

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 110,000
Restructuring plan expected annual savings	60,000
Restructuring costs		$ 10,826	$ 16,477	$ 47,832	$ 36,295
Restructuring liability		15,321		15,321		$ 6,966
Accounts Payable and Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liability		11,100		11,100		5,300
Accrued Compensation Current
Restructuring Cost and Reserve [Line Items]
Restructuring liability		4,200		4,200		1,700
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs		5,100	4,900	12,100	22,900
Operations and Technology Optimization
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	55,000
Restructuring costs		6,828	10,824	17,714	18,529
Restructuring liability		12,377		12,377		5,886
Compensation and Benefits
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	40,000
Restructuring expenses		5,700	11,600	35,700	13,400
Restructuring costs		3,680	5,109	29,800	6,709
Restructuring liability		2,944		2,944		1,080
Asset impairment and other termination costs
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 15,000
Restructuring costs		318	$ 544	318	$ 11,057
Restructuring liability		$ 0		$ 0		$ 0

Restructuring - Restructuring E

Restructuring - Restructuring Expense for the Program Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 10,826	$ 16,477	$ 47,832	$ 36,295
Inception-to- Date	96,204		96,204
Operations and technology optimization
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6,828	10,824	17,714	18,529
Inception-to- Date	43,709		43,709
Compensation and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3,680	5,109	29,800	6,709
Inception-to- Date	41,120		41,120
Asset impairment and other termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	318	$ 544	318	$ 11,057
Inception-to- Date	$ 11,375		$ 11,375

Restructuring - Changes in Rest

Restructuring - Changes in Restructuring Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	$ 6,966
Accrued costs	66,258
Payments	(57,585)
Non-cash adjustments	(318)
Balance at September 30, 2024	15,321
Operations and Technology Optimization
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	5,886
Accrued costs	36,140
Payments	(29,649)
Non-cash adjustments	0
Balance at September 30, 2024	12,377
Compensation and Benefits
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	1,080
Accrued costs	29,800
Payments	(27,936)
Non-cash adjustments	0
Balance at September 30, 2024	2,944
Asset Impairment and Other Termination Costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	0
Accrued costs	318
Payments	0
Non-cash adjustments	(318)
Balance at September 30, 2024	$ 0

Receivables and Other Current_3

Receivables and Other Current Assets - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Receivables outstanding	$ 334,637	$ 294,195

Receivables and Other Current_4

Receivables and Other Current Assets - Changes in Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning of period	$ 3,153	$ 2,089	$ 2,458	$ 1,980
Write-offs	(1,225)	(441)	(2,510)	(1,342)
Increase in provision	1,691	869	3,671	1,879
End of period	$ 3,619	$ 2,517	$ 3,619	$ 2,517

Receivables and Other Current_5

Receivables and Other Current Assets - Major Classes of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Prepaid expenses	$ 45,610	$ 25,762
Insurance recoverable	20,155	20,562
Other current receivables	18,400	15,905
Total Other current assets	$ 84,165	$ 62,229

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease costs
Operating lease costs	$ 7,669	$ 8,687	$ 23,408	$ 26,339
Short-term lease costs
Operating lease costs	228	234	675	635
Sublease income	(112)	(193)	(408)	(439)
Lease costs – net	$ 7,785	$ 8,728	23,675	26,535
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases			22,516	23,245
Non-cash related activities
Right-of-use assets obtained in exchange for new operating lease liabilities			15,236	9,948
Amortization of right-of-use assets for operating lease activity			$ 16,803	$ 20,197
Weighted average discount rate (percent)
Operating leases	5.30%	5.10%	5.30%	5.10%
Weighted average remaining lease term (years)
Operating leases	7 years 9 months 18 days	8 years 3 months 18 days	7 years 9 months 18 days	8 years 3 months 18 days

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details) - USD ($) $ in Thousands			9 Months Ended	12 Months Ended
Debt - Outstanding Debt (Details) - USD ($) $ in Thousands	Jul. 30, 2024	Jul. 29, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Units subject to mandatory redemption			$ 3,399	$ 5,200
Total debt			2,679,866	1,979,212
Less: Short-term debt and current portion of long-term debt			(33,316)	(35,375)
Long-term debt			$ 2,646,550	$ 1,943,837
Commercial notes, periodic interest and principal payments, 6.25%, expire May 1, 2025
Debt Instrument [Line Items]
Interest rate			6.25%
Maturity date			May 01, 2025
Commercial notes, periodic interest and principal payments, 5.75%, expired May 1, 2024
Debt Instrument [Line Items]
Interest rate			5.75%
Maturity date			May 01, 2024
Commercial notes, periodic interest and principal payments, 5.75%, expired June 1, 2024
Debt Instrument [Line Items]
Interest rate			5.75%
Maturity date			Jun. 01, 2024
Commercial notes, periodic interest and principal payments, 6.00%, expired June 19, 2024
Debt Instrument [Line Items]
Interest rate			6%
Maturity date			Jun. 19, 2024
Commercial notes, periodic interest and principal payments, 5.75%, expired June 21, 2024
Debt Instrument [Line Items]
Interest rate			5.75%
Maturity date			Jun. 21, 2024
Line of Credit \| Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Debt term			7 years
Interest rate			2.25%	3%
Maturity date			Sep. 13, 2031
Long-term debt			$ 1,677,446	$ 1,564,718
Line of Credit \| Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt term			5 years
Basis spread on variable rate	2.50%	3%	2.50%	3%
Long-term debt			$ 714	$ 377
Line of Credit \| Credit Agreement \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.25%
Line of Credit \| Credit Agreement \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.50%
Senior Secured Notes \| 8-year senior secured notes, semi-annual interest payments, 4.38%, matures February 1, 2030
Debt Instrument [Line Items]
Debt term			8 years
Interest rate			4.38%
Maturity date			Feb. 01, 2030
Long-term debt			$ 397,057	400,704
Senior Secured Notes \| 8-year secured notes, semi-annual interest payments, 5.88%, matures August 1, 2032
Debt Instrument [Line Items]
Debt term			8 years
Interest rate			5.88%
Long-term debt			$ 591,805	0
Revolving Credit Facility
Debt Instrument [Line Items]
Maturity date			Jul. 30, 2029
Commercial Paper \| Commercial notes, periodic interest and principal payments, 6.25%, expire May 1, 2025
Debt Instrument [Line Items]
Premium financing notes			$ 4,642	0
Commercial Paper \| Commercial notes, periodic interest and principal payments, 6.25%, expire June 1, 2025
Debt Instrument [Line Items]
Interest rate			6.25%
Maturity date			Jun. 01, 2025
Premium financing notes			$ 871	0
Commercial Paper \| Commercial notes, periodic interest and principal payments, 6.25%, expire June 21, 2025
Debt Instrument [Line Items]
Interest rate			6.25%
Maturity date			Jun. 21, 2025
Premium financing notes			$ 3,932	0
Commercial Paper \| Commercial notes, periodic interest and principal payments, 5.75%, expired May 1, 2024
Debt Instrument [Line Items]
Premium financing notes			0	2,251
Commercial Paper \| Commercial notes, periodic interest and principal payments, 5.75%, expired June 1, 2024
Debt Instrument [Line Items]
Premium financing notes			0	622
Commercial Paper \| Commercial notes, periodic interest and principal payments, 6.00%, expired June 19, 2024
Debt Instrument [Line Items]
Premium financing notes			0	2,485
Commercial Paper \| Commercial notes, periodic interest and principal payments, 5.75%, expired June 21, 2024
Debt Instrument [Line Items]
Premium financing notes			$ 0	$ 2,855

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands							1 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Sep. 13, 2024	Jul. 31, 2024	Jul. 30, 2024	Jul. 29, 2024	Jan. 19, 2024	Jan. 18, 2024	Feb. 28, 2022	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 19, 2024
Debt Instrument [Line Items]
Deferred financing costs									$ 21,838	$ 9,125
Subject to mandatory redemption, period									15 years
Accrued return paid									$ 119,901	$ 116,620
Subsidiary Units Subject to Mandatory Redemption
Debt Instrument [Line Items]
Accrued interest								$ 100	100		$ 1,900
Historical costs of units cost and fair value of units									$ 3,300
Implicit rate									9.80%
Accrued return paid									$ 2,000
Credit Agreement \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Original principal									1,650,000
Principal outstanding								1,700,000	1,700,000		1,596,400
Accrued interest								6,200	6,200		1,100
Unamortized deferred issuance costs								28,800	$ 28,800		$ 32,800
Debt term									7 years
Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%	3%					2.50%		3%
Debt issuance cost written off								100
Deferred issuance cost			$ 7,900					10,100	$ 10,100		$ 4,100
Borrowing capacity			$ 1,400,000	$ 600,000				1,400,000	1,400,000		600,000
Commitments available to be borrowed								1,399,700	1,399,700		599,700
Reduction on revolving credit facility from undrawn letter of credit									300		300
Unpaid commitment fees									$ 700		400
Debt term									5 years
Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee on undrawn amounts									0.25%
Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee on undrawn amounts									0.50%
Credit Agreement, Seventh Amendment \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt face amount	$ 1,700,000
Basis spread on variable rate	2.25%
Debt issuance cost written off								8,300	$ 8,300
Repricing fees									16,200
Deferred issuance cost	$ 11,100
Credit Agreement, Fifth Amendment \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%	3%
Basis spread on variable rate, floor	0%				0.75%
Debt issuance cost written off									400
Repricing fees									1,900
Senior Secured Notes Due February 2030 \| Senior Secured Notes
Debt Instrument [Line Items]
Original principal							$ 400,000
Accrued interest								2,900	2,900		7,300
Unamortized deferred issuance costs								5,900	$ 5,900		$ 6,600
Debt term									8 years
Senior Secured Notes Due August 2032 \| Senior Secured Notes
Debt Instrument [Line Items]
Debt face amount												$ 600,000
Accrued interest								1,200	$ 1,200
Unamortized deferred issuance costs								9,400	$ 9,400
Debt term									8 years
Bridge Facility \| Bridge Loan \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 500,000
Debt term		364 days
Deferred financing costs								$ 4,100	$ 4,100

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023	Sep. 30, 2024 USD ($) vote $ / shares shares	Sep. 30, 2023 USD ($)	Jun. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	500,000,000		500,000,000			500,000,000
Stockholders' equity ratio			1
Preferred stock, outstanding (in shares)	0		0			0
Dividends paid \| $			$ 66,500
Quarterly cash distribution (in dollars per share) \| $ / shares	$ 0.04
Distributions paid to the non-controlling interest holders of the LLC common units \| $			$ 16,754	$ 0
Non Controlling Interest In Ryan Specialty, LLC
Class of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent	47.80%		47.80%			45.60%
Ownership percentage, non-controlling	52.20%		52.20%			54.40%
O 2024 Q3 Dividends
Class of Stock [Line Items]
Dividends declared (in dollars per share) \| $ / shares	$ 0.11
Dividends paid \| $			$ 39,400
S 2024 Q1 Dividends
Class of Stock [Line Items]
Dividends paid \| $			$ 27,100
IPO
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	500,000,000		500,000,000
IPO \| Non Controlling Interest In Ryan Specialty, LLC
Class of Stock [Line Items]
Non-controlling interest, weighted average ownership percentage	57.40%	56.10%	55.20%	56.50%
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	1,000,000,000		1,000,000,000			1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001			$ 0.001
Common stock, voting rights			Each share of Class A common stock is entitled to one vote per share.
Common stock voting rights (in votes) \| vote			1
Common stock, outstanding (in shares)	125,096,524		125,096,524			118,593,062
Class A Common Stock \| IPO
Class of Stock [Line Items]
Common stock, authorized (in shares)	1,000,000,000		1,000,000,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	1,000,000,000		1,000,000,000			1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001			$ 0.001
Common stock, voting rights			Each share of Class B common stock is initially entitled to 10 votes per share but, upon the occurrence of certain events as set forth in the Company’s amended and restated certificate of incorporation, will be entitled to one vote per share in the future.
Common stock voting rights (in votes) \| vote			10
Common stock voting rights in the future (in votes) \| vote			1
Common stock, outstanding (in shares)	136,724,772		136,724,772			141,621,188
Class B Common Stock \| IPO
Class of Stock [Line Items]
Common stock, authorized (in shares)	1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001
Class X common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	10,000,000		10,000,000			10,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.001	$ 0.001
Common stock, voting rights			Shares of Class X common stock have no economic, voting, or dividend rights.
Common stock, outstanding (in shares)	0		0			0
Class X common stock \| IPO
Class of Stock [Line Items]
Common stock, authorized (in shares)	10,000,000		10,000,000

Equity Based Compensation - Nar

Equity Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) director $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-linear transfer restrictions, period following initial public offering (at least)	5 years
Award vesting rights	The Staking Options vest over 10 years from the grant date, with 10% vesting in each of years 3 through 9 and 30% vesting in year 10.
Description of performance based awards	(i) an Adjusted EBITDAC Margin target, (ii) an Organic Revenue Growth Compound Annual Growth Rate (“CAGR”) target, and (iii) total shareholder return (“TSR”) CAGR targets. The TSR CAGR targets are measured from the grant date share price to the sum of (i) the average of (a) the volume weighted average price (“VWAP”) of the Class A common stock for the fourth quarter of 2027 and (b) the VWAP of the Class A common stock for the first quarter of 2028 and (ii) dividends paid to Class A common shareholders. The Adjusted EBITDAC Margin and the Organic Revenue Growth CAGR targets as well as a minimum threshold for the TSR CAGR target must be achieved for the awards to vest. If the Adjusted EBITDAC Margin or the Organic Revenue Growth CAGR targets are not met, or the TSR CAGR is below the minimum threshold, the awards will be forfeited.
Dividends accrued \| $	$ 3,586	$ 0
Accounts Payable and Accrued Liabilities
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividends accrued \| $	800
Declared distributions \| $	100
Other Non-Current Liabilities
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividends accrued \| $	2,400
Declared distributions \| $	$ 300
IPO RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in dollars per share) \| $ / shares	$ 0
Granted (in shares)	0
Incentive RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights	The Incentive RSUs vest either 100% 3 or 5 years from the grant date, pro rata over 3 or 5 years from the grant date, over 5 years from the grant date, with one-third of the grant vesting in each of years 3, 4 and 5, or
Award vesting rights, percentage	100%
Granted (in dollars per share) \| $ / shares	$ 52.72
Granted (in shares)	794,643
Incentive RLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Award vesting rights, percentage	100%
Director Stock Grant \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in dollars per share) \| $ / shares	$ 49.07	$ 40.86
Pro Rata \| Incentive RSUs \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Restricted LLC Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Award vesting rights	RLUs to certain employees that vest either pro rata over 5 years from the grant date or over 10 years from the grant date, with 10% vesting in each of years 3 through 9 and 30% vesting in year 10.
Conversion ratio	1
Restricted LLC Units \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	10%
Restricted LLC Units \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	10 years
Award vesting rights, percentage	30%
Restricted LLC Units \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Restricted LLC Units \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	9 years
Restricted LLC Units \| Incentive RLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights	Company issues Incentive RLUs to certain employees. The Incentive RLUs vest either 100% 3 years from the grant date, pro rata over 3 or 5 years from the grant date, or over 7 years from the grant date, with 20% vesting in each of years 3 through 7.
Restricted LLC Units \| Incentive RLUs \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	20%
Restricted LLC Units \| Incentive RLUs \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Restricted LLC Units \| Incentive RLUs \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	7 years
Restricted LLC Units \| Pro Rata \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Restricted LLC Units \| Pro Rata \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	10 years
Restricted LLC Units \| Pro Rata \| Incentive RLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	7 years
Restricted LLC Units \| Pro Rata \| Incentive RLUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Restricted LLC Units \| Pro Rata \| Incentive RLUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Restricted Stock and Restricted Common Units \| Pro Rata
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Restricted Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion ratio	1
Non compensation for service on board (in directors) \| director	1
Restricted Stock Unit \| IPO RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights	RSUs vest either pro rata over 5 years from the grant date or over 10 years from the grant date, with 10% vesting in each of years 3 through 9 and 30% vesting in year 10
Restricted Stock Unit \| IPO RSUs \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	10%
Restricted Stock Unit \| IPO RSUs \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	10 years
Award vesting rights, percentage	30%
Restricted Stock Unit \| IPO RSUs \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Unit \| IPO RSUs \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	9 years
Restricted Stock Unit \| Incentive RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	20%
Restricted Stock Unit \| Incentive RSUs \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Restricted Stock Unit \| Incentive RSUs \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	7 years
Restricted Stock Unit \| Incentive RSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Unit \| Incentive RSUs \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Unit \| Incentive RSUs \| Minimum \| Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Unit \| Incentive RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Restricted Stock Unit \| Incentive RSUs \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Restricted Stock Unit \| Incentive RSUs \| Maximum \| Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	7 years
Restricted Stock Unit \| Director Stock Grant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	22,935	19,698
Restricted Stock Unit \| Pro Rata \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Restricted Stock Unit \| Pro Rata \| IPO RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	10 years
Restricted Stock Unit \| Pro Rata \| Incentive RSUs \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Incentive RSUs \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Incentive RSUs \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Incentive RSUs \| Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Reload and Staking Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares	$ 23.50
Conversion ratio	1
Reload Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights	The Reload Options vest either 100% 3 years from the grant date or over 5 years from the grant date, with one-third of the grant vesting in each of years 3, 4 and 5
Options exercisable (in shares)	6,666
Reload Options \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	100%
Reload Options \| Option Two, Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Reload Options \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Award vesting rights, percentage	33%
Reload Options \| Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Reload Options \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Reload Options \| Minimum \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Reload Options \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Reload Options \| Maximum \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Staking Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercisable (in shares)	1,601,823
Staking Options \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	10%
Staking Options \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	10 years
Award vesting rights, percentage	30%
Staking Options \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Staking Options \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	9 years
Staking Options \| Pro Rata
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	10 years
Incentive Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Options exercisable (in shares)	0
Conversion ratio	1
Incentive Options \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Incentive Options \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Incentive Options \| Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Incentive Options \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Incentive Options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Incentive Options \| Pro Rata
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Incentive Options \| Pro Rata \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	7 years
Reload Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights	The Reload Class C Incentive Units vest either 100% 3 years from the grant date or over 5 years from the grant date, with one-third of the grant vesting in each of years 3, 4 and 5.
Reload Class C Incentive Units \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion ratio	1
Reload Class C Incentive Units \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	100%
Reload Class C Incentive Units \| Option Two, Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Reload Class C Incentive Units \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Award vesting rights, percentage	33%
Reload Class C Incentive Units \| Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	33%
Reload Class C Incentive Units \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Reload Class C Incentive Units \| Minimum \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Reload Class C Incentive Units \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Reload Class C Incentive Units \| Maximum \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Staking Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights	The Staking Class C Incentive Units vest either pro rata over 5 years from the grant date or over 10 years from the grant date, with 10% vesting in each of years 3 through 9 and 30% vesting in year 10.
Granted (in shares)	0
Staking Class C Incentive Units \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	10%
Staking Class C Incentive Units \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	10 years
Award vesting rights, percentage	30%
Staking Class C Incentive Units \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Staking Class C Incentive Units \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	9 years
Staking Class C Incentive Units \| Pro Rata \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Staking Class C Incentive Units \| Pro Rata \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	10 years
Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	20%
Granted (in dollars per share) \| $ / shares	$ 0
Granted (in shares)	0
Class C Incentive Units \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion ratio	1
Class C Incentive Units \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	15%
Class C Incentive Units \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	8 years
Award vesting rights, percentage	25%
Class C Incentive Units \| Minimum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Class C Incentive Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	7 years
Class C Incentive Units \| Maximum \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	7 years
Class C Incentive Units \| Pro Rata
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	8 years
Reload and Staking Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average participation threshold (in dollars per share) \| $ / shares	$ 23.38		$ 23.50
PSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	75%
PSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	150%

Equity Based Compensation - Non

Equity Based Compensation - Nonvested Stock Units Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
IPO RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	3,359,778
Granted (in shares)	0
Vested (in shares)	(596,879)
Forfeited (in shares)	(40,332)
Unvested at end of period (in shares)	2,722,567
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 23.07
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	22.81
Forfeited (in dollars per share) \| $ / shares	22.77
Unvested at end of period (in dollars per share) \| $ / shares	$ 23.13
Incentive RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	1,819,916
Granted (in shares)	794,643
Vested (in shares)	(177,713)
Forfeited (in shares)	(70,305)
Unvested at end of period (in shares)	2,366,541
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 38.02
Granted (in dollars per share) \| $ / shares	52.72
Vested (in dollars per share) \| $ / shares	37.73
Forfeited (in dollars per share) \| $ / shares	40.07
Unvested at end of period (in dollars per share) \| $ / shares	$ 42.92
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	938,910
Granted (in shares)	0
Vested (in shares)	(457,906)
Forfeited (in shares)	(1,883)
Unvested at end of period (in shares)	479,121
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 21.15
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	21.15
Forfeited (in dollars per share) \| $ / shares	21.15
Unvested at end of period (in dollars per share) \| $ / shares	$ 21.15
Restricted Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	1,122,564
Granted (in shares)	0
Vested (in shares)	(869,906)
Forfeited (in shares)	0
Unvested at end of period (in shares)	252,658
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 23.84
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	23.84
Forfeited (in dollars per share) \| $ / shares	0
Unvested at end of period (in dollars per share) \| $ / shares	$ 23.84
Restricted LLC Units \| IPO RLUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	1,448,127
Granted (in shares)	0
Vested (in shares)	(154,589)
Forfeited (in shares)	0
Unvested at end of period (in shares)	1,293,538
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 25.09
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	25.05
Forfeited (in dollars per share) \| $ / shares	0
Unvested at end of period (in dollars per share) \| $ / shares	$ 25.10
Restricted LLC Units \| Incentive RLUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	482,329
Granted (in shares)	249,971
Vested (in shares)	(45,588)
Forfeited (in shares)	0
Unvested at end of period (in shares)	686,712
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 39.80
Granted (in dollars per share) \| $ / shares	51.33
Vested (in dollars per share) \| $ / shares	35.60
Forfeited (in dollars per share) \| $ / shares	0
Unvested at end of period (in dollars per share) \| $ / shares	$ 44.30
Reload Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	3,911,490
Granted (in shares)	0
Vested (in shares)	(2,958,895)
Forfeited (in shares)	0
Unvested at end of period (in shares)	952,595
Staking Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	1,876,669
Granted (in shares)	0
Vested (in shares)	(271,666)
Forfeited (in shares)	0
Unvested at end of period (in shares)	1,605,003
Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	495,822
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Unvested at end of period (in shares)	495,822
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 36.96
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested at end of period (in dollars per share) \| $ / shares	$ 36.84
PSUs \| PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	0
Granted (in shares)	303,721
Vested (in shares)	0
Forfeited (in shares)	0
Unvested at end of period (in shares)	303,721
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	24.75
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested at end of period (in dollars per share) \| $ / shares	$ 24.75
PLUs \| PLUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	0
Granted (in shares)	487,218
Vested (in shares)	0
Forfeited (in shares)	0
Unvested at end of period (in shares)	487,218
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	24.40
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested at end of period (in dollars per share) \| $ / shares	$ 24.40

Equity Based Compensation - Sto

Equity Based Compensation - Stock Options Outstanding (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Reload Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	4,473,388
Granted (in shares)	0
Exercised (in shares)	(508,613)
Forfeited (in shares)	(17,611)
Outstanding at end of period (in shares)	3,947,164
Staking Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	66,667
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Outstanding at end of period (in shares)	66,667
Incentive Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	165,684
Granted (in shares)	150,000
Exercised (in shares)	0
Forfeited (in shares)	(11,002)
Outstanding at end of period (in shares)	304,682
Incentive Options Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 34.39
Granted (in dollars per share) \| $ / shares	52.38
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	34.39
Outstanding at end of period (in dollars per share) \| $ / shares	43.25
Reload and Staking Options \| IPO
Incentive Options Weighted Average Exercise Price
Outstanding at end of period (in dollars per share) \| $ / shares	$ 23.50

Equity Based Compensation - Val

Equity Based Compensation - Valuation Assumptions for Share-based Compensation Awards (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares
Incentive Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility	25%
Time to maturity (years)	7 years
Risk-free rate	4.20%
Dividend yield	0.80%
Fair value per option (in dollars per share)	$ 17.09
PSUs and PLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility	24.70%
Time to maturity (years)	4 years 1 month 6 days
Risk-free rate	4.20%
Initial RYAN stock price (in dollars per share)	$ 52.38

Equity Based Compensation - Agg

Equity Based Compensation - Aggregate Intrinsic Values and Weighted Average Remaining Contractual Terms of Stock Options Outstanding and Exercisable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Reload Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value, options outstanding	$ 169,294
Aggregate intrinsic value, options exercisable	$ 68,702
Weighted-average remaining contractual term, options outstanding	6 years 7 months 6 days
Weighted-average remaining contractual term, options exercisable	6 years 6 months
Staking Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value, options outstanding	$ 2,859
Aggregate intrinsic value, options exercisable	$ 286
Weighted-average remaining contractual term, options outstanding	7 years 9 months 18 days
Weighted-average remaining contractual term, options exercisable	7 years 9 months 18 days
Incentive Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value, options outstanding	$ 7,051
Aggregate intrinsic value, options exercisable	$ 0
Weighted-average remaining contractual term, options outstanding	8 years 4 months 24 days
Weighted-average remaining contractual term, options exercisable	0 years

Equity Based Compensation - Unr

Equity Based Compensation - Unrecognized Equity-Based Compensation Costs and Weighted Average Remaining Expense Period (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 171,219
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 1,268
Weighted Average Remaining Expense Period (Years)	6 months
IPO RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 29,887
Weighted Average Remaining Expense Period (Years)	3 years 4 months 24 days
Incentive RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 62,355
Weighted Average Remaining Expense Period (Years)	2 years 4 months 24 days
Reload Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 1,216
Weighted Average Remaining Expense Period (Years)	8 months 12 days
Staking Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 253
Weighted Average Remaining Expense Period (Years)	3 years 10 months 24 days
Incentive Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 2,650
Weighted Average Remaining Expense Period (Years)	1 year 7 months 6 days
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 6,607
Weighted Average Remaining Expense Period (Years)	4 years 3 months 18 days
Restricted Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 670
Weighted Average Remaining Expense Period (Years)	2 months 12 days
IPO RLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 18,062
Weighted Average Remaining Expense Period (Years)	4 years 8 months 12 days
Incentive RLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 21,336
Weighted Average Remaining Expense Period (Years)	2 years
Reload Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 788
Weighted Average Remaining Expense Period (Years)	10 months 24 days
Staking Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 9,797
Weighted Average Remaining Expense Period (Years)	4 years 2 months 12 days
Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 5,882
Weighted Average Remaining Expense Period (Years)	3 years 9 months 18 days
PLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount	$ 10,448
Weighted Average Remaining Expense Period (Years)	4 years 3 months 18 days

Equity Based Compensation - Rec

Equity Based Compensation - Recognized and Unrecognized Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	$ 23,459	$ 17,608	$ 61,664	$ 54,136
Unrecognized, equity-based compensation expense	171,219		171,219
IPO RSUs and Staking Options \| IPO awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	2,720	3,654	9,226	12,599
Unrecognized, equity-based compensation expense	30,140		30,140
IPO RLUs and Staking Class C Incentive Units \| IPO awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	2,146	2,738	7,277	8,866
Unrecognized, equity-based compensation expense	27,859		27,859
Incremental Restricted Stock and Reload Options \| IPO awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	622	1,156	2,485	3,723
Unrecognized, equity-based compensation expense	1,850		1,850
Incremental Restricted Common Units and Reload Class C Incentive Units \| IPO awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	586	1,779	3,018	5,779
Unrecognized, equity-based compensation expense	1,257		1,257
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized, equity-based compensation expense	1,268		1,268
Restricted Stock \| Pre-IPO incentive awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	498	646	1,333	2,144
Unrecognized, equity-based compensation expense	634		634
Restricted Common Units \| Pre-IPO incentive awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	4,733	308	5,095	1,224
Unrecognized, equity-based compensation expense	201		201
Incentive RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized, equity-based compensation expense	62,355		62,355
Incentive RSUs \| Post-IPO incentive awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	8,001	5,237	21,759	13,896
Unrecognized, equity-based compensation expense	62,355		62,355
Incentive RLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized, equity-based compensation expense	21,336		21,336
Incentive RLUs \| Post-IPO incentive awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	2,058	1,214	5,671	3,329
Unrecognized, equity-based compensation expense	21,336		21,336
Incentive Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized, equity-based compensation expense	2,650		2,650
Incentive Options \| Post-IPO incentive awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	272	125	823	368
Unrecognized, equity-based compensation expense	2,650		2,650
Class C Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized, equity-based compensation expense	5,882		5,882
Class C Incentive Units \| Post-IPO incentive awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	521	521	1,551	1,385
Unrecognized, equity-based compensation expense	5,882		5,882
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized, equity-based compensation expense	6,607		6,607
PSUs \| Post-IPO incentive awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	391	0	910	0
Unrecognized, equity-based compensation expense	6,607		6,607
PLUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized, equity-based compensation expense	10,448		10,448
PLUs \| Post-IPO incentive awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	619	0	1,439	0
Unrecognized, equity-based compensation expense	10,448		10,448
Director Stock Grants \| Other expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized, equity-based compensation expense	$ 292	$ 230	$ 1,077	$ 823

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of the Numerator and Denominator Used in the Calculation of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 28,643	$ 118,038	$ 40,677	$ 15,703	$ 83,817	$ 36,457	$ 187,358	$ 135,977
Less: Net income attributable to non-controlling interests	11,054			20,750			106,447	97,786
NET INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	17,589			(5,047)			80,911	38,191
Numerator:
Net income (loss) attributable to Class A common shareholders	17,589			(5,047)			80,911	38,191
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
NET INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	17,589			(5,047)			80,911	38,191
Numerator:
Net income (loss) attributable to Class A common shareholders	17,589			(5,047)			80,911	38,191
Add (less): Income attributed to substantively vested RSUs	369			(100)			(1,339)	687
Net income attributable to Class A common shareholders - basic	17,958			(5,147)			79,572	38,878
Add: Income attributed to dilutive shares	7,886			0			79,624	3,128
Net income attributable to Class A common shareholders - diluted	$ 25,844			$ (5,147)			$ 159,196	$ 42,006
Denominator:
Weighted-average shares of Class A common stock outstanding- basic (in shares)	121,915,952			115,872,327			119,383,234	113,291,850
Add: Dilutive shares (in shares)	150,770,317			0			151,900,158	11,591,673
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	272,686,269			115,872,327			271,283,392	124,883,523
Earnings (loss) per share
Earnings (loss) per share of Class A common stock – basic (in shares)	$ 0.15			$ (0.04)			$ 0.67	$ 0.34
Earnings (loss) per share of Class A common stock – diluted (in shares)	$ 0.09			$ (0.04)			$ 0.59	$ 0.34

Earnings (Loss) Per Share - Num

Earnings (Loss) Per Share - Number of Shares Excluded from Calculation of Diluted Earnings (Loss) Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Conversion of non-controlling interest LLC Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	141,689,681	0	142,974,016
Conversion of vested Class C Incentive Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	98,699	0	65,028
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	1,015,761	0	0
IPO RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	3,229,891	0	0
Incentive RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	1,776,309	0	0
Reload Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	4,548,194	0	0
Staking Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	66,667	0	0
Incentive Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	150,000	168,099	150,000	168,099
Restricted Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	1,239,232	0	0
IPO RLUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	1,448,127	0	0
Incentive RLUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	482,329	0	0
Reload Class C Incentive Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	3,911,490	0	0
Staking Class C Incentive Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	1,876,669	0	0
Class C Incentive Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	495,822	0	495,822

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 21, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Payments for derivative instrument	$ 25.5
Strike rate	2.75%
Deal Contingent Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, notional amount						$ 200
Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 1,000
Increase (decrease) in fair value of derivative instrument		$ (16.4)	$ (0.2)	$ (16.5)	$ 0.9
Unrealized gains from derivative instrument reclassified during next twelve months		$ 10.6		$ 10.6

Derivatives - Location and Gain

Derivatives - Location and Gains (Losses) On Derivatives in the Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Nondesignated
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Impact of gains (losses) on non-hedging and hedging derivatives	$ 0	$ 0	$ (4,532)	$ 0
Nondesignated \| Deal Contingent Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Impact of gains (losses) on non-hedging and hedging derivatives	$ 0	$ 0	$ (4,532)	$ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	General and administrative	General and administrative	General and administrative	General and administrative
Designated As Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Impact of gains (losses) on non-hedging and hedging derivatives	$ 4,950	$ 4,578	$ 14,524	$ 11,165
Designated As Hedging Instrument \| Reclassification Out Of Accumulated Other Comprehensive Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Impact of gains (losses) on non-hedging and hedging derivatives	$ 6,689	$ 6,317	$ 19,740	$ 16,381
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating
Designated As Hedging Instrument \| Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Impact of gains (losses) on non-hedging and hedging derivatives	$ (1,739)	$ (1,739)	$ (5,216)	$ (5,216)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating

Derivatives - Location and Fair

Derivatives - Location and Fair Value of Derivatives in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Nondesignated \| Deal Contingent Forward
Derivatives, Fair Value [Line Items]
Derivatives not designated as hedging instruments	$ 0	$ 852
Designated As Hedging Instrument \| Interest Rate Cap
Derivatives, Fair Value [Line Items]
Derivatives designated as hedging instruments	$ 13,196	$ 29,667

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 235,199		$ 754,370
Other current assets	84,165	$ 62,229
Deferred tax assets	486,432	383,816
Other non-current liabilities	110,227	41,097
Parent Company
Variable Interest Entity [Line Items]
Cash and cash equivalents	42,200	58,200
Other current assets	7,800
Deferred tax assets	486,300	383,300
Accounts payable and accrued liabilities	800
Other non-current liabilities	2,400
Tax receivable agreement liabilities	$ 455,100	$ 358,900

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of debt	$ 2,692,100		$ 2,692,100		$ 1,976,500
Current portion of the fair value of the contingent consideration	44,100		44,100
Non-current portion of the fair value of the contingent consideration	106,000		106,000		$ 41,100
Loss on settlement	0	$ 0	5,384	$ 7,912
Settlements on contingent consideration, operating activities				3,400
Settlements on contingent consideration, financing activities			0	$ 4,477
Deal Contingent Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on settlement			5,400
Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingently returnable consideration	1,300		1,300
Other Noncurrent Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingently returnable consideration	$ 4,300		$ 4,300
Minimum \| Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.040		0.040		0.049
Minimum \| Measurement Input, Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.069		0.069		0.070
Minimum \| Measurement Input, Credit Spread
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.010		0.010		0.033
Minimum \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.052		0.052		0.083
Maximum \| Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.054		0.054		0.054
Maximum \| Measurement Input, Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.187		0.187		0.217
Maximum \| Measurement Input, Credit Spread
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.024		0.024		0.042
Maximum \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.068		0.068		0.091

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Level 1
Assets
Interest rate cap	$ 0	$ 0
Contingently returnable consideration	0	0
Liabilities
Contingent consideration	0	0
Deal-Contingent Forward	0	0
Total assets and liabilities measured at fair value	0	0
Level 2
Assets
Interest rate cap	13,196	29,667
Contingently returnable consideration	0	0
Liabilities
Contingent consideration	0	0
Deal-Contingent Forward	0	0
Total assets and liabilities measured at fair value	13,196	29,667
Level 3
Assets
Interest rate cap	0	0
Contingently returnable consideration	5,587	0
Liabilities
Contingent consideration	150,131	41,050
Deal-Contingent Forward	0	852
Total assets and liabilities measured at fair value	$ (155,718)	$ (41,902)

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Assets
Balance at beginning of period	$ 4,868	$ 0	$ 0	$ 0
Newly established assets due to acquisitions	0	0	4,868	0
Total gains included in earnings	431	0	431	0
Total gains included in OCI	288	0	288	0
Balance at end of period	5,587	0	5,587	0
Liabilities
Balance at beginning of period	44,971	25,290	41,902	29,251
Newly established liability due to acquisitions	103,769	8,091	103,769	8,091
Total losses included in earnings	1,391	2,637	8,901	6,588
Settlements	0	0	(5,384)	(7,912)
Acquisition measurement period adjustments	0	0	943	0
Balance at end of period	$ 150,131	$ 36,018	$ 150,131	$ 36,018

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions					3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 01, 2024	May 31, 2024	Jun. 01, 2023	May 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Loss Contingencies [Line Items]
Error and omissions insurance, aggregate coverage for losses (up to)	$ 150	$ 100					$ 150
Per claim retention amount							5
Loss contingencies					$ 5.7		5.7			$ 6.4
Loss recoveries, net of loss contingencies					0.9
Loss contingencies, net of loss recoveries						$ 0.8	0.8	$ 5.5
Estimated loss contingencies					0.9		0.9			0.2
Loss recovery					$ 20.2		20.2			$ 20.6
Minimum
Loss Contingencies [Line Items]
Per claim retention amount				$ 2.5			2.5
Maximum
Loss Contingencies [Line Items]
Per claim retention amount			$ 5
General and Administrative Expense
Loss Contingencies [Line Items]
Loss contingency expense, net related loss recovery							$ 0		$ 2.5

Related Parties (Details)

Related Parties (Details) $ in Thousands	3 Months Ended		9 Months Ended
Related Parties (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) investor segregatedAccount	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Related party transaction, investors who are unitholders and directors (in investors) \| investor			2
Other current assets	$ 84,165		$ 84,165		$ 62,229
Revenues earned from related party	588,129	$ 487,345	$ 1,806,264	$ 1,507,878
Ryan Re Services Agreements, Service Fee
Related Party Transaction [Line Items]
Related party transaction, rate			115%
Ryan Re Services Agreements, Expenses
Related Party Transaction [Line Items]
Related party transaction amounts	$ 2,700	2,200	$ 7,900	5,400
Ryan Investment Holdings, LLC
Related Party Transaction [Line Items]
Equity ownership	50%		50%
Nationwide Mutual Insurance Company
Related Party Transaction [Line Items]
Equity ownership	50%		50%
GR Bermuda SAC Ltd
Related Party Transaction [Line Items]
Number of segregated accounts \| segregatedAccount			1
Ryan Investment Holdings, LLC \| Geneva Ryan Holdings, LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	53%		53%
Related Party
Related Party Transaction [Line Items]
Revenues earned from related party	$ 300	400	$ 1,100	1,100
Expense related to business usage of aircraft	200	$ 200	1,000	$ 900
Related Party \| Service Agreement
Related Party Transaction [Line Items]
Other current assets	400		400		200
Related Party \| Ryan Re Services Agreements
Related Party Transaction [Line Items]
Other current assets	1,100		1,100		700
Related Party \| Ryan Re Services Agreements, Prepaid Expenses
Related Party Transaction [Line Items]
Other current assets	7,900		7,900		$ 5,300
Related Party \| Ryan Investment Holdings, LLC
Related Party Transaction [Line Items]
Invested capital in equity method investment	$ 47,000		$ 47,000
Related Party \| Ryan Specialty Group LLC
Related Party Transaction [Line Items]
Ownership percentage, non-controlling	47%		47%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended						9 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Valuation Allowance [Line Items]
Effective tax rate	(45.50%)			61.26%			7.90%	23.92%
Statutory rate	21%			21%			21%	21%
Deferred income tax expense from reorganization				$ 20,700,000			$ 0	$ 20,679,000
Unrecognized tax benefits	$ 0						0
Deferred tax assets	486,432,000						486,432,000		$ 383,816,000
Valuation allowance recognized against basis difference	0						$ 0
Deferred tax liabilities				64,500,000				64,500,000
Increase to non-controlling interest from difference between the carrying value and the fair value of investment transferred under common control	8,131,000	$ 508,000	$ (78,000)	(19,834,000)	$ 449,000	$ (395,000)
Percentage of net cash savings							85%
Tax receivable agreement liability	$ 455,100,000						$ 455,100,000
Increase in tax receivable liabilities recognized in additional paid-in capital							95,600,000	63,200,000
Increase in tax receivable liabilities recognized in other non-operating loss (income)							$ 600,000	$ 500,000
Non- controlling Interests
Valuation Allowance [Line Items]
Increase to non-controlling interest from difference between the carrying value and the fair value of investment transferred under common control		$ (201,000)		$ 13,136,000

Income Taxes - Activity Related

Income Taxes - Activity Related to the Tax Receivable Agreement Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Exchange Tax Attributes
Tax Receivable Agreement, Liability [Roll Forward]
Balance at December 31, 2023	$ 194,668
Exchange of LLC Common Units	68,931
Accrued interest	0
Balance at September 30, 2024	263,599
Pre-IPO M&A Tax Attributes
Tax Receivable Agreement, Liability [Roll Forward]
Balance at December 31, 2023	85,814
Exchange of LLC Common Units	5,287
Accrued interest	0
Balance at September 30, 2024	91,101
TRA Payment Tax Attributes
Tax Receivable Agreement, Liability [Roll Forward]
Balance at December 31, 2023	78,416
Exchange of LLC Common Units	21,365
Accrued interest	646
Balance at September 30, 2024	100,427
TRA Liabilities
Tax Receivable Agreement, Liability [Roll Forward]
Balance at December 31, 2023	358,898
Exchange of LLC Common Units	95,583
Accrued interest	646
Balance at September 30, 2024	$ 455,127

Income Taxes - Tax Effects on t

Income Taxes - Tax Effects on the Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
(Gain) loss on interest rate cap	$ 1,022	$ (914)	$ (1,009)	$ (2,583)
Gain on interest rate cap reclassified to earnings	863	733	2,479	1,866
Foreign currency translation adjustments	(2,357)	188	(2,540)	54
Change in share of equity method investment in related party	$ 52	$ 88	$ (348)	$ (96)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,073,236	$ 974,753	$ 979,644	$ 943,918	$ 851,598	$ 817,812
Other comprehensive income (loss) before reclassifications	8,662	5,209	13,296	4,857	16,407	(851)
Amounts reclassified to earnings	(5,827)	(5,700)	(5,735)	(5,584)	(5,010)	(3,922)
Other comprehensive income (loss)	2,835	(491)	7,561	(727)	11,397	(4,773)
Ending balance	1,101,532	1,073,236	974,753	941,241	943,918	851,598
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5,903	6,096	3,076	8,525	4,283	6,035
Ending balance	7,080	5,903	6,096	8,236	8,525	4,283
Gain (Loss) on Interest Rate Cap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5,871	6,615	4,697	9,630	5,814	8,065
Ending balance	539	5,871	6,615	10,175	9,630	5,814
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,501	574	982	545	442	157
Ending balance	8,159	1,501	574	(22)	545	442
Change in EMI Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,469)	(1,093)	(2,603)	(1,650)	(1,973)	(2,187)
Ending balance	(1,618)	(1,469)	(1,093)	(1,917)	(1,650)	(1,973)
Gain (Loss) on Interest Rate Cap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(6,902)	3,840	10,540	6,958	15,260	(2,218)
Amounts reclassified to earnings	(5,827)	(5,700)	(5,735)	(5,584)	(5,010)	(3,922)
Other comprehensive income (loss)	(12,729)	(1,860)	4,805	1,374	10,250	(6,140)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	15,917	2,309	(1,024)	(1,429)	279	783
Amounts reclassified to earnings	0	0	0	0	0	0
Other comprehensive income (loss)	15,917	2,309	(1,024)	(1,429)	279	783
Change in EMI Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(353)	(940)	3,780	(672)	868	584
Amounts reclassified to earnings	0	0	0	0	0	0
Other comprehensive income (loss)	(353)	(940)	3,780	(672)	868	584
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(298)	4,541		7,155	(3,021)
Ending balance	1,658	(298)	4,541	(438)	7,155	(3,021)
Gain (Loss) on Interest Rate Cap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,116)	2,887		6,434	(3,889)
Ending balance	(7,397)	(1,116)	2,887	829	6,434	(3,889)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,382	(616)		176	498
Ending balance	9,259	1,382	(616)	(862)	176	498
Change in EMI Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(564)	2,270		545	370
Ending balance	$ (204)	$ (564)	$ 2,270	$ (405)	$ 545	$ 370

Supplemental Financial Inform_3

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]
Interest income	$ 5.6	$ 7.1	$ 19	$ 23

Supplemental Financial Inform_4

Supplemental Financial Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for:
Interest	$ 119,901	$ 116,620
Income taxes, net of refunds	24,641	9,812
Non-cash investing and financing activities:
Non-controlling interest holders’ tax distributions declared but unpaid	1,137	0
Tax Receivable Agreement liabilities	95,583	63,249
Dividend Equivalents and Declared Distributions liabilities	3,586	0
Contingently returnable consideration	4,868	0
Contingent consideration liabilities	$ 103,769	$ 8,091

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Oct. 30, 2024	Oct. 01, 2024
EverSports & Entertainment Insurance, Inc.
Subsequent Event [Line Items]
Cash consideration for acquisition		$ 45
Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.11