c UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended DECEMBER 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-40645 RYAN SPECIALTY HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 86-2526344 (State or Other J ...

PART I. FINANCIAL INFORMATION This section presents the company's unaudited financial statements, management's discussion, and market risk disclosures [Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Ryan Specialty Holdings, Inc.'s unaudited consolidated financial statements for Q2 2022 show **$70.1 million net income** and detailed financial positions [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements reflect significant year-over-year growth in revenue and net income, with total assets reaching **$6.44 billion** by June 30, 2022 Consolidated Statements of Income Highlights (in thousands) | | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | $491,292 | $390,012 | $878,182 | $701,470 | | **Operating income** | $105,528 | $92,262 | $148,915 | $132,105 | | **Net income** | $70,120 | $63,407 | $88,196 | $59,606 | | **Net income attributable to Ryan Specialty** | $24,501 | $63,407 | $31,412 | $57,156 | Consolidated Balance Sheet Highlights (in thousands) | | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $3,955,440 | $3,011,007 | | **Total assets** | $6,442,417 | $5,458,708 | | **Total current liabilities** | $3,347,339 | $2,918,141 | | **Total liabilities** | $5,740,903 | $4,863,931 | | **Total stockholders' equity** | $701,514 | $594,777 | Consolidated Statements of Cash Flows Highlights (in thousands) | | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Cash flows provided by operating activities** | $164,711 | $107,715 | | **Cash flows used for investing activities** | $(6,790) | $(155) | | **Cash flows provided by (used in) financing activities** | $379,757 | $(19,421) | [Notes to the Consolidated Financial Statements (Unaudited)](index=14&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements%20(Unaudited)) Notes detail accounting policies, revenue disaggregation, debt structure including a **$400 million** senior secured note, and a **$293.8 million** Tax Receivable Agreement liability Revenue from Contracts with Customers by Specialty (in thousands) | Specialty | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Wholesale Brokerage | $574,051 | $447,083 | | Binding Authority | $122,744 | $108,641 | | Underwriting Management | $180,113 | $145,466 | | **Total Net commissions and fees** | **$876,908** | **$701,190** | - The restructuring plan initiated in 2020 was fully actioned by June 30, 2022, incurring cumulative costs of **$30.9 million** against an expected range of **$30.0-$35.0 million**, and is expected to generate annual savings of **$25.0 million**[61](index=61&type=chunk) - In February 2022, the LLC issued **$400.0 million** of **4.38% senior secured notes** due 2030. As of June 30, 2022, total debt was approximately **$1.98 billion**[69](index=69&type=chunk)[73](index=73&type=chunk) Tax Receivable Agreement (TRA) Liabilities (in thousands) | | Exchange Tax Attributes | Pre-IPO M&A Tax Attributes | TRA Payment Tax Attributes | Total TRA Liabilities | | :--- | :--- | :--- | :--- | :--- | | **Balance at Dec 31, 2021** | $136,704 | $83,389 | $52,007 | $272,100 | | Exchange of LLC Common Units | $9,897 | $1,435 | $3,159 | $14,491 | | Remeasurement - change in state rate | $2,884 | $1,759 | $2,530 | $7,173 | | **Balance at June 30, 2022** | **$149,485** | **$86,583** | **$57,696** | **$293,764** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2022 performance, highlighting **26.0% total revenue growth**, **22.3% organic growth**, and strong liquidity with **$866.7 million cash** [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Q2 2022 total revenue grew **26.0%** to **$491.3 million**, driven by organic growth and acquisitions, with net income increasing to **$70.1 million** Q2 2022 vs Q2 2021 Revenue by Specialty (in thousands) | Specialty | Q2 2022 | Q2 2021 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Wholesale Brokerage | $329,225 | $255,959 | $73,266 | 28.6% | | Binding Authorities | $59,751 | $53,596 | $6,155 | 11.5% | | Underwriting Management | $101,251 | $80,291 | $20,960 | 26.1% | | **Total** | **$490,227** | **$389,846** | **$100,381** | **25.7%** | - Compensation and benefits expense for Q2 2022 increased by **$73.3 million (30.9%)** year-over-year, primarily driven by a **$33.9 million** increase in commissions, a **$14.1 million** increase from IPO-related compensation expense, and growth in headcount[228](index=228&type=chunk)[229](index=229&type=chunk) - General and administrative expense for Q2 2022 increased by **$17.8 million (58.0%)** year-over-year, mainly due to a **$7.8 million** increase in travel and entertainment, **$2.4 million** in higher insurance costs as a public company, and **$2.0 million** in restructuring costs[231](index=231&type=chunk) [Non-GAAP Financial Measures and Key Performance Indicators](index=52&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Key%20Performance%20Indicators) Non-GAAP metrics for Q2 2022 show **22.3% organic revenue growth**, **$166.1 million Adjusted EBITDAC**, and **$106.4 million Adjusted Net Income** Organic Revenue Growth Rate Reconciliation | | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Total revenue growth rate (GAAP) | 26.0% | 25.2% | | Less: Mergers and acquisitions | (2.8%) | (3.1%) | | Change in other | (0.9%) | (0.8%) | | **Organic revenue growth rate (Non-GAAP)** | **22.3%** | **21.3%** | Adjusted EBITDAC Reconciliation (in thousands) | | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Net income** | **$70,120** | **$63,407** | | Interest expense, net | 24,846 | 18,986 | | Income tax expense | 11,168 | 2,332 | | Depreciation | 1,229 | 1,222 | | Amortization | 26,233 | 27,319 | | Change in contingent consideration | (251) | 1,723 | | **EBITDAC** | **$133,345** | **$114,989** | | Adjustments (Acquisition, Restructuring, Equity-comp, etc.) | 32,730 | 25,498 | | **Adjusted EBITDAC** | **$166,075** | **$140,487** | Adjusted Net Income Reconciliation (in thousands) | | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Net income** | **$70,120** | **$63,407** | | Adjustments (Amortization, Equity-comp, Restructuring, etc.) | 73,053 | 59,626 | | **Adjusted income before income taxes** | **$143,173** | **$123,033** | | Adjusted tax expense | (36,724) | (30,758) | | **Adjusted net income** | **$106,449** | **$92,275** | [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$866.7 million cash**, supported by credit facilities and a **$293.8 million** estimated TRA liability - Primary sources of liquidity are cash from operations, a **$600 million Revolving Credit Facility**, a **$1.65 billion Term Loan**, and **$400 million Senior Secured Notes**[289](index=289&type=chunk)[294](index=294&type=chunk)[296](index=296&type=chunk) - As of June 30, 2022, the company had **$866.6 million** in cash and cash equivalents and **$811.0 million** in cash held in a fiduciary capacity[292](index=292&type=chunk) - The company expects future payments under the Tax Receivable Agreement (TRA) to total **$293.8 million** in aggregate based on transactions as of June 30, 2022[301](index=301&type=chunk) All Risks Long-Term Incentive Plan Future Cash Outflows (in thousands) | Period | Projected Future Cash Outflows | | :--- | :--- | | 2022 | $106,618 | | 2023 | $0 | | 2024 | $0 | | 2025 | $0 | | Thereafter | $0 | [Quantitative and Qualitative Disclosure About Market Risk](index=66&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) Market risk is primarily from interest rates, mitigated by a **$1.0 billion** interest rate cap on its variable-rate term loan, with foreign currency risk being immaterial - Foreign currency risk is considered immaterial, with approximately **3% of revenues** for the six months ended June 30, 2022, generated from activities in the UK, Europe, and Canada[322](index=322&type=chunk) - To manage interest rate risk on its **$1.62 billion variable-rate Term Loan**, the company entered into an interest rate cap agreement on April 7, 2022. The cap has a **$1.0 billion notional amount**, a **2.75% strike rate**, and terminates on December 31, 2025[325](index=325&type=chunk)[326](index=326&type=chunk) [Controls and Procedures](index=67&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that as of June 30, 2022, the company's disclosure controls and procedures were **effective at a reasonable assurance level**[330](index=330&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2022, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[332](index=332&type=chunk) PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, and other material information [Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business or financial condition - The company is not presently a party to any litigation the outcome of which, if determined adversely, would individually or taken together have a **material adverse effect** on its business, operating results, cash flows or financial condition[334](index=334&type=chunk) [Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - There have been **no material changes** to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021[335](index=335&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None [Other Information](index=68&type=section&id=Item%205.%20Other%20Information) On August 9, 2022, the company amended its Tax Receivable Agreement (TRA) to limit elective termination and scope of payment obligations - On August 9, 2022, the Company amended and restated the Tax Receivable Agreement to limit its ability to electively terminate the agreement and to limit the reference property giving rise to payment obligations[339](index=339&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40645 RYAN SPECIALTY GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 86-2526344 (State or Other Juris ...

Part I [Business](index=8&type=section&id=Item%201.%20Business) Ryan Specialty Group is a leading specialty insurance service provider, primarily operating as a wholesale broker and managing underwriter in the E&S market, driving growth through organic expansion, M&A, and technology - Ryan Specialty is a **service provider** of specialty insurance products, focusing on distribution, underwriting, and risk management, primarily acting as a **wholesale broker** and **managing underwriter**[25](index=25&type=chunk) - A significant majority of premiums placed are in the Excess & Surplus (E&S) market, which offers greater flexibility in terms and rates. In 2021, **73%** of total premiums placed were in the E&S market[26](index=26&type=chunk)[29](index=29&type=chunk) Revenue Contribution by Specialty (FY 2021 & 2020) | Specialty | FY 2021 Net Commission & Fees (millions) | % of Total | FY 2020 Net Commission & Fees (millions) | % of Total | | :--- | :--- | :--- | :--- | :--- | | **Wholesale Brokerage** | $932.0 | 65.1% | $673.1 | 66.2% | | **Binding Authority** | $209.6 | 14.6% | $144.8 | 14.2% | | **Underwriting Management** | $290.6 | 20.3% | $198.8 | 19.6% | - The company has a strong M&A track record, having acquired **over 40 firms** since inception. The largest acquisition was **All Risks** in September 2020, which was the **fourth largest US wholesale distributor** at the time[41](index=41&type=chunk)[44](index=44&type=chunk) - The company utilizes a digital marketplace called **'The Connector'** for retail clients and internal producers to receive quotes and bind policies online, enhancing efficiency for smaller-premium accounts[46](index=46&type=chunk) [Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including leadership succession, market cyclicality, M&A integration, cybersecurity threats, substantial indebtedness, and concentrated voting control - The business is **highly dependent** on its senior management, particularly founder Patrick G. Ryan, and its ability to recruit and retain key revenue producers. Failure in succession planning or retention poses a a **significant risk**[126](index=126&type=chunk)[128](index=128&type=chunk) - The company's revenues are subject to the **cyclicality** of the P&C insurance market. A "soft" market with declining premium rates could **negatively impact** commission revenues, which are typically a percentage of premiums[129](index=129&type=chunk) - The company faces **risks from its M&A strategy**, including the potential for not realizing anticipated benefits, challenges in integrating acquired businesses, and risks associated with unaudited historical financials of acquired entities[184](index=184&type=chunk)[185](index=185&type=chunk) - **Significant cybersecurity risks** exist, including system disruptions from cyberattacks, ransomware, and security breaches. A cyber-phishing event in April 2021 resulted in unauthorized access to five employee email accounts, potentially exposing PII of **fewer than 2,000 individuals**[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) - The company has **substantial indebtedness** (**$2.029 billion** as of Dec 31, 2021, pro forma for a February 2022 notes issuance), which could restrict operational flexibility, require significant cash flow for debt service, and limit the ability to pursue business opportunities[260](index=260&type=chunk) - The **dual-class stock structure** concentrates approximately **71% of voting power** with the Ryan Parties, limiting the influence of Class A stockholders on major corporate decisions and potentially creating conflicts of interest[304](index=304&type=chunk) [Unresolved Staff Comments](index=62&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are **no unresolved staff comments**[334](index=334&type=chunk) [Properties](index=62&type=section&id=Item%202.%20Properties) The company's corporate headquarters are in Chicago, with extensive leased office space across the U.S., Canada, and Europe, while exploring remote work flexibility - The corporate headquarters are in **Chicago, Illinois**, with a lease for **56,250 square feet** expiring in 2028[335](index=335&type=chunk) - The company leases a total of approximately **1,115,000 square feet** for its additional office locations across the U.S., Canada, and Europe[335](index=335&type=chunk) [Legal Proceedings](index=62&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, with management expecting no material adverse effect on its business or financial condition - The company is **not currently a party** to any litigation that is expected to have **no material adverse effect** on its business or financial condition[336](index=336&type=chunk) [Mine Safety Disclosure](index=62&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This disclosure item is not applicable to the company's operations - **Not applicable**[337](index=337&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=63&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ryan Specialty's Class A common stock trades on the NYSE, with no anticipated cash dividends, and its 2021 IPO generated $1.448 billion in net proceeds for corporate purposes - Class A common stock is traded on the **NYSE** under the symbol **'RYAN'**. Class B common stock is not listed or traded[340](index=340&type=chunk) - The company **does not anticipate paying cash dividends** in the foreseeable future, prioritizing the use of funds for business growth and debt repayment[341](index=341&type=chunk) - The company closed its **IPO** on July 26, 2021, receiving net proceeds of approximately **$1.448 billion**, which have been used for general corporate purposes[345](index=345&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=65&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2021, revenue grew 40.7% to $1.43 billion, driven by acquisitions and organic growth, while net income decreased, but Adjusted EBITDAC and its margin significantly improved, supported by strong liquidity and strategic initiatives FY 2021 Financial Performance Highlights | Metric | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,432.8M | $1,018.3M | +40.7% | | **Organic Revenue Growth** | 22.4% | 20.4% | +2.0 p.p. | | **Operating Income** | $186.6M | $158.5M | +17.7% | | **Net Income** | $56.6M | $70.5M | -19.7% | | **Net Income Margin** | 4.0% | 6.9% | -2.9 p.p. | | **Adjusted EBITDAC** | $460.2M | $293.5M | +56.8% | | **Adjusted EBITDAC Margin** | 32.1% | 28.8% | +3.3 p.p. | | **Adjusted Net Income** | $290.1M | $185.4M | +56.5% | - The **40.9% increase** in Net commissions and fees in 2021 was driven by **18.3% growth** from the All Risks and Crouse acquisitions and **22.4% organic revenue growth**[401](index=401&type=chunk) - Compensation and benefits expense increased by **44.5% increase** in 2021, driven by higher commissions from revenue growth, **$75.9 million** in IPO-related compensation expense, and costs associated with the All Risks acquisition[410](index=410&type=chunk)[413](index=413&type=chunk) - The company initiated a **Restructuring Plan** in 2020, which is expected to generate **$25.0 million in annual savings** by June 30, 2023, with cumulative one-time charges of **$30.0-$35.0 million**[362](index=362&type=chunk) - The company entered into a **Tax Receivable Agreement (TRA)** in connection with its IPO, recording a liability of **$272.1 million** as of December 31, 2021, for expected future payments to pre-IPO unitholders[472](index=472&type=chunk)[475](index=475&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=94&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks primarily from interest rate changes on its $1.63 billion floating-rate debt, while foreign currency risk is minimal - Foreign currency risk is **minimal**, with approximately **3%** of 2021 revenues generated from operations in the UK, Europe, and Canada[509](index=509&type=chunk) - The company has **significant interest rate risk** due to **$1.629 billion** of outstanding floating-rate term loan borrowings as of December 31, 2021, which are subject to LIBOR changes above a 0.75% floor[512](index=512&type=chunk) [Financial Statements and Supplementary Data](index=95&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for Ryan Specialty Group Holdings, Inc., including income, balance sheets, cash flows, and equity, along with auditor's report and notes - The financial statements were audited by **Deloitte & Touche LLP**, which issued an **unqualified opinion**. Critical audit matters identified were related to the valuation of **Equity-Based Compensation** following the IPO modification and the realizability of **Deferred Tax Assets**[520](index=520&type=chunk)[524](index=524&type=chunk)[525](index=525&type=chunk)[528](index=528&type=chunk) Consolidated Statements of Income (in thousands) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total revenue** | $1,432,771 | $1,018,274 | $765,111 | | **Total operating expenses** | $1,246,147 | $859,736 | $664,073 | | **Operating income** | $186,624 | $158,538 | $101,038 | | **Net income** | $56,632 | $70,513 | $63,057 | | **Net income attributable to Ryan Specialty** | $65,873 | $68,104 | $64,166 | Consolidated Balance Sheets (in thousands) | | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $3,011,007 | $2,493,350 | | **Total non-current assets** | $2,447,701 | $2,036,032 | | **Total Assets** | **$5,458,708** | **$4,529,382** | | **Total current liabilities** | $2,918,141 | $2,482,321 | | **Total non-current liabilities** | $1,945,790 | $1,736,336 | | **Total Liabilities** | **$4,863,931** | **$4,218,657** | | **Total stockholders'/members' equity** | $594,777 | $71,090 | Consolidated Statements of Cash Flow (in thousands) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Net cash provided by operating activities** | $273,493 | $135,393 | $149,507 | | **Net cash used for investing activities** | ($457,937) | ($768,508) | ($147,997) | | **Net cash provided by financing activities** | $429,284 | $1,125,304 | $62,274 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=151&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting principles, financial disclosure, or auditing scope - **None**[802](index=802&type=chunk) [Controls and Procedures](index=151&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of December 31, 2021, with no material changes to internal controls during Q4 2021 - The company's principal executive and financial officers concluded that disclosure controls and procedures were **effective** as of December 31, 2021[803](index=803&type=chunk) - A management report on internal control over financial reporting is **not included** due to the **transition period** for newly public companies[804](index=804&type=chunk) - **No material changes** were made to internal control over financial reporting in Q4 2021[805](index=805&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, and Security Ownership](index=152&type=section&id=Items%2010-14) This section incorporates information on directors, executive officers, corporate governance, compensation, and security ownership by reference from the 2022 Proxy Statement - Information required for Items 10, 11, 12, 13, and 14 is **incorporated by reference** from the company's 2022 Proxy Statement[809](index=809&type=chunk)[811](index=811&type=chunk)[813](index=813&type=chunk)[814](index=814&type=chunk)[815](index=815&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=153&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements from Item 8 and all exhibits filed with the Form 10-K, including corporate governance documents and material agreements - This section lists **all exhibits** filed with the Form 10-K, including corporate governance documents, material contracts, and required certifications[820](index=820&type=chunk) - All financial statement schedules are **omitted** as the required information is either inapplicable or included within the consolidated financial statements and related notes[819](index=819&type=chunk) [Form 10-K Summary](index=155&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - **None**[823](index=823&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40645 RYAN SPECIALTY GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 86-2526344 (State or Other J ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40645 RYAN SPECIALTY GROUP HOLDINGS, INC. Two Prudential Plaza 180 N. Stetson Avenue Suite 4600 Chicago, IL 60601 (Address of principal exe ...