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

Annual report pursuant to Section 13 and 15(d)

Mergers and Acquisitions (Tables)

Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Estimated Fair Values of the Aggregate Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired during the year ended December 31, 2023, as of the date of each acquisition:


	Griffin		ACE and Point6		Socius		AccuRisk		Total
Cash and cash equivalents	$	—	$	—	$	12,858	$	7,396	$	20,254
Commissions and fees receivable – net		1,495		4,288		5,470		7,703		18,956
Fiduciary cash and receivables		14,042		31,502		53,072		62,449		161,065
Goodwill		63,898		25,782		177,057		64,240		330,977
Customer relationships1		51,400		21,900		99,200		40,200		212,700
Other current and non-current assets		1,368		—		2,995		2,390		6,753
Total assets acquired	$	132,203	$	83,472	$	350,652	$	184,378	$	750,705
Accounts payable and accrued liabilities		—		2,358		2,330		6,059		10,747
Accrued compensation		850		507		8,405		3,230		12,992
Fiduciary liabilities		15,824		31,502		53,072		62,449		162,847
Deferred tax liabilities		—		—		23,575		10,586		34,161
Other current and non-current liabilities		—		—		1,226		3,725		4,951
Total liabilities assumed	$	16,674	$	34,367	$	88,608	$	86,049	$	225,698
Net assets acquired	$	115,529	$	49,105	$	262,044	$	98,329	$	525,007

1The customer relationships acquired during the year ended December 31, 2023 have a weighted average amortization period of 13.0 years.

Summary of Unaudited Pro forma Financial Information

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.


	Year Ended December 31,
	2023		2022
Total revenue	$	2,152,086	$	1,820,248
Net income		214,530		121,192

Summary of Change in Contingent Consideration and Interest Expense

The table below summarizes the amounts recognized:


	Year Ended December 31,
	2023		2022		2021
Change in contingent consideration	$	5,421	$	442	$	2,891
Interest expense, net		3,052		1,991		748
Total	$	8,473	$	2,433	$	3,639