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

Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired during the year

ended December 31, 2024, as of the date of each acquisition and includes any measurement period adjustments:


	Castel	US Assure	Greenhill	Ethos P&C	EverSports	Innovisk	Total
Cash and cash equivalents	$10,294	$7,181	$314	$—	$—	$18,046	$35,835
Commissions and fees receivable – net	10,657	50,111	46	—	1,788	11,520	74,122
Fiduciary cash and receivables	119,333	122,136	3,222	—	19,840	29,643	294,174
Goodwill	188,611	463,090	7,570	24,246	24,417	295,234	1,003,168
Customer relationships1	97,695	670,300	4,285	21,100	17,400	155,800	966,580
Other intangible assets	875	9,900	—	—	—	11,200	21,975
Lease right-of-use assets	1,269	2,256	—	—	—	551	4,076
Other current and non-current assets	1,312	606	—	—	—	1,640	3,558
Total assets acquired	$430,046	$1,325,580	$15,437	$45,346	$63,445	$523,634	$2,403,488
Accounts payable and accrued liabilities	254	9,284	—	—	—	3,609	13,147
Accrued compensation	43,688	3,138	49	1,371	538	27,719	76,503
Fiduciary liabilities	119,433	122,136	3,222	—	19,840	29,643	294,274
Operating lease liabilities	1,269	2,256	—	—	—	551	4,076
Deferred tax liabilities	20,173	—	—	—	—	35,268	55,441
Total liabilities assumed	$184,817	$136,814	$3,271	$1,371	$20,378	$96,790	$443,441
Net assets acquired	$245,229	$1,188,766	$12,166	$43,975	$43,067	$426,844	$1,960,047

1 The customer relationships acquired during the year ended December 31, 2024, have a weighted average amortization

period of 13.4 years.

The unaudited pro forma financial information is presented for informational purposes only

and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place on the

date indicated or of results that may occur in the future. 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.

The table below summarizes the amounts recognized:


	Year Ended December 31,
	2024	2023	2022
Change in contingent consideration	$(22,859)	$5,421	$442
Interest expense, net	5,472	3,052	1,991
Total	$(17,387)	$8,473	$2,433