Ryan Specialty Annual report [Section 13 and 15(d), not S-K Item 405]

Restructuring

12 Months Ended

Dec. 31, 2025

RESTRUCTURING

In February 2023, the Company initiated the ACCELERATE 2025 program to enable continued growth, drive innovation,

and deliver sustainable productivity improvements over the long term. The restructuring plan aimed to reduce costs and

increase efficiencies through a focus on optimizing the Company’s operations and technology. In its expanded form, the

restructuring plan was expected to incur total restructuring costs of approximately $110.0 million through December 31,

2024. The total expected costs of the plan included $55.0 million related to operations and technology optimization, $40.0

million related to employee compensation and benefits, and $15.0 million related to asset impairment and other termination

costs. The plan was completed on December 31, 2024, as anticipated.

The table below presents the restructuring expense incurred:


	Year Ended December 31,
	2024	2023	Total
Operations and technology optimization	$27,162	$25,995	$53,157
Compensation and benefits	32,217	11,320	43,537
Asset impairment and other termination costs	318	11,057	11,375
Total	$59,697	$48,372	$108,069

During the years ended December 31, 2024 and 2023, the Company recognized restructuring expenses of $39.9 million and

$22.6 million, respectively, including contractor costs, in Compensation and benefits, and $19.8 million and $25.8 million,

respectively, in General and administrative expense on the Consolidated Statements of Income.

The table below presents a summary of changes in the restructuring liability:


	Operations and Technology Optimization	Compensation and Benefits	Asset Impairment and Other Termination Costs	Total
Balance at December 31, 2023	$5,886	$1,080	$—	$6,966
Accrued costs	49,885	32,217	318	82,420
Payments	(38,788)	(29,467)	—	(68,255)
Non-cash adjustments	—	—	(318)	(318)
Balance at December 31, 2024	$16,983	$3,830	$—	$20,813

Accrued costs in the table above include both costs expensed and capitalized during the period. As of December 31, 2024

and 2023, $15.3 million and $5.3 million, respectively, of the restructuring liability was included in Accounts payable and

accrued liabilities and $5.5 million and $1.7 million, respectively, was included in Current Accrued compensation on the

Consolidated Balance Sheets. The total restructuring liability outstanding as of December 31, 2024, was paid during the

year ended December 31, 2025.