Ryan Specialty Quarterly report [Sections 13 or 15(d)]

Restructuring

3 Months Ended

Mar. 31, 2026

During the three months ended March 31, 2026, the Company initiated the Empower program to streamline the Company’s

brokerage, binding, and underwriting operations, optimize scale, accelerate data and technology strategies, and enhance

efficiencies across all of the Company’s Specialties. The restructuring plan is expected to incur total restructuring costs of

$160.0 million, including $115.0 million related to business platform optimization and $45.0 million related to

compensation and benefits, through December 31, 2028, and to generate annual savings of approximately $80.0 million in

2029. The following table presents the restructuring expense incurred:


	Three Months Ended March 31, 2026
Business platform optimization	$3,911
Compensation and benefits	666
Total	$4,577

For the three months ended March 31, 2026, the Company recognized restructuring expenses of $2.0 million, including

contractor costs, in Compensation and benefits, and $2.6 million in General and administrative expense on the

Consolidated Statements of Income (Loss).

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


	Business Platform Optimization	Compensation and Benefits	Total
Balance at January 1, 2026	$—	$—	$—
Accrued costs	9,065	666	9,731
Payments	(1,239)	(183)	(1,422)
Balance at March 31, 2026	$7,826	$483	$8,309

Accrued costs in the table above include both costs expensed and capitalized during the period. As of March 31, 2026, $5.6

million of the restructuring liability was included in Accounts payable and accrued liabilities and $2.7 million was included

in Current Accrued compensation on the Consolidated Balance Sheets.