Vulcan Value Partners expressed continued confidence in Ryan Specialty Holdings during its second-quarter 2026 investor letter, citing robust submission growth in the excess and surplus market despite a cut to the company's organic revenue outlook. Ryan Specialty reported 11.8% organic revenue growth in the first quarter but lowered its full-year 2026 forecast to mid-single-digit growth from high-single-digit growth, as property rate declines of 25% to 35% pressured premiums. The firm noted that E&S submissions continued to grow strongly, with California, Florida, and Texas—which together represent roughly 45% of the E&S market—all posting double-digit submission increases even as premium growth lagged. Vulcan Value Partners added to its position early in the quarter when the stock's price-to-value ratio became more attractive, and highlighted that Ryan Specialty increased its share repurchase authorization by an additional $300 million after exhausting its first authorization in the first five months of 2026, while five insiders including the founder and CFO bought shares on the open market in early June.
Ryan Specialty Group Holdings IncVulcan Value Partners remains bullish, added to position, and insiders bought shares, while company increased buyback authorization by $300M.