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Nicholas Dominic Cortezi, a director at Ryan Specialty Holdings, Inc. (NYSE:RYAN), has recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Cortezi sold shares amounting to a total of $6,515,426. The transactions occurred over several days, with the sale prices ranging from $65.0549 to $66.2564 per share. The sales come as RYAN maintains a GREAT financial health score according to InvestingPro analysis, with the stock showing remarkable strength, delivering a 57.5% return over the past year.
The sales were executed in multiple transactions between January 13 and January 15, 2025, involving various trusts associated with Cortezi. After these transactions, Cortezi retains ownership of shares through the Louise M. Cortezi Family Trust and the Louise M. Cortezi Family Resource Trust, among others.
Investors may find these transactions noteworthy, as they reflect significant insider activity within Ryan Specialty Holdings, a company involved in insurance agents, brokers, and services. The company's stock is traded on the New York Stock Exchange under the ticker RYAN.
In other recent news, Ryan Specialty Group has entered into an agreement to acquire Velocity Risk Underwriters from Oaktree Capital Management. This acquisition, expected to close in 2025, includes Velocity's managing general underwriter operations and enhances Ryan Specialty's property catastrophe offerings. The deal is valued at $525 million, excluding any earnout consideration. For the 12-month period ending December 31, 2024, Velocity reported operating revenue of approximately $81 million.
Ryan Specialty has also issued an additional $600 million in 5.875% Senior Secured Notes due 2032. This move is intended to fund potential future acquisitions and investments, aligning with its strategic growth plans. A portion of the proceeds is also expected to repay up to $400 million of the outstanding borrowings under the Revolving Credit Facility.
In terms of financial performance, Ryan Specialty has reported a significant increase in third-quarter revenue and earnings. The company's total revenue rose by 20.5% to $605 million, with organic growth contributing 11.8%. Adjusted earnings increased by 29.4% to $190 million.
Morgan Stanley (NYSE:MS) initiated coverage on Ryan Specialty with an Overweight rating. The firm's positive stance is based on the ongoing shift towards the Excess & Surplus markets, where Ryan Specialty operates. This trend is expected to continue, positioning Ryan Specialty to capitalize on these developments.
Lastly, Ryan Specialty aims to maintain organic revenue growth guidance of 13.0% to 14.0% for 2024. These recent developments underscore Ryan Specialty's strategic initiatives and commitment to growth in the specialty insurance sector.
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