Ryan Specialty Quarterly report pursuant to Section 13 or 15(d)

Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

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
Goodwill2	190,602	457,847	7,268	24,246	679,963
Customer relationships1	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 liabilities2	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.

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 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