Ryan Specialty Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table provides a summary of goodwill activity:


	Goodwill
Balance at December 31, 2022	$1,314,984
Acquisitions	330,977
Impact of exchange rate changes	521
Balance at December 31, 2023	$1,646,482
Acquisitions	999,763
Measurement period adjustments	4,744
Impact of exchange rate changes	(4,313)
Balance at December 31, 2024	$2,646,676

The net carrying amounts of finite-lived intangible assets are shown in the table below:


	As of December 31, 2024			As of December 31, 2023
	Cost	Accumulated Amortization	Net Carrying Amount	Cost	Accumulated Amortization	Net Carrying Amount
Customer relationships	$2,102,404	$(710,356)	$1,392,048	$1,138,875	$(566,459)	$572,416
Trade names	32,538	(25,201)	7,337	23,669	(22,447)	1,222
Internally developed software	103,388	(27,051)	76,337	56,704	(19,672)	37,032
Total	$2,238,330	$(762,608)	$1,475,722	$1,219,248	$(608,578)	$610,670

The cost of internally developed software in development but not yet placed in service was $30.8 million and $18.1 million

as of December 31, 2024 and 2023, respectively.

The aggregate amortization expense from finite-lived intangible assets was $157.8 million, $106.8 million, and $103.6

million for the years ended December 31, 2024, 2023, and 2022, respectively. The estimated future amortization for finite-

lived intangible assets as of December 31, 2024, was as follows:


	Customer Relationships	Trade Names	Internally Developed Software
2025	$216,469	$3,560	$15,966
2026	191,450	2,266	16,743
2027	162,056	1,511	15,843
2028	143,347	—	14,441
2029	126,680	—	9,450
Thereafter	552,046	—	3,894
Total	$1,392,048	$7,337	$76,337