AM Best has assigned its highest Performance Assessment, PA-1 (Exceptional), to Ryan Specialty (Singapore) Pte. Limited, citing the platform’s expanding specialty underwriting footprint and increasing participation in reinsurance risk through strategic initiatives.
The assessment also reflects the Singapore entity’s integration into Ryan Specialty Underwriting Managers’ global platform, which AM Best considers strategically and financially integral to the group’s specialty insurance operations across the United States and international markets.
At the same time, AM Best affirmed the PA-1 (Exceptional) assessments of eight existing Ryan Specialty Underwriting Managers affiliates, all with stable outlooks.
AM Best described the group’s underwriting performance as exceptional, noting that specialist expertise within individual MGUs is supported by centralised underwriting, actuarial and catastrophe modelling teams. The platform operates through 40 managing general underwriters (MGUs) and underwrites more than 300 specialty insurance products across a broad range of risk classes and geographies.
The agency highlighted Ryan Specialty’s extensive broker network, strong access to capital and lack of channel conflict with retail brokers as competitive strengths. Ongoing investments in technology, data analytics and infrastructure were cited as factors supporting underwriting effectiveness and operational efficiency.
The group has also increased its participation in underwriting risk through strategic reinsurance initiatives. Through Geneva Re, a joint venture with Nationwide Mutual Insurance Company, Ryan Specialty co-invests in reinsurance programmes linked to risks underwritten by its MGUs, strengthening alignment with carrier partners.
In 2025, the company expanded that strategy through an investment in Velocity Specialty Insurance Company and the launch of Ryan Alternative Capital Re, a collateralised reinsurance vehicle designed to support long-term programme sustainability.
AM Best said Ryan Specialty maintained an excellent financial condition, supported by strong organic growth and a long-running acquisition strategy. The publicly listed group recorded another year of growth in gross premiums and revenue in 2025, while continuing to fund expansion through a combination of operating cash flows and external debt.
AM Best said the platform’s governance and internal controls promote transparency, regulatory compliance and sustained profitability. Compensation structures are aligned with underwriting performance through contingent commissions and performance-based incentives.
The ratings agency noted that Ryan Specialty has completed more than 60 acquisitions since inception, using a standardised framework to integrate acquired businesses into its governance, compliance and operational structures.
AM Best also cited the organisation’s experienced leadership team and specialist underwriting talent as key strengths. Employee equity participation, training programmes and strategic acquisitions have helped expand expertise across product lines and geographic markets, the agency said.
The assessment further reflects what AM Best described as an exceptional relationship network. Ryan Specialty works with more than 35,000 wholesale and retail broker companies and maintains long-term relationships with capacity providers, supporting programme continuity and underwriting capacity across markets.
Separately, AM Best withdrew the PA-1 assessments of Ryan Specialty International Limited, Ryan Specialty Netherlands B.V. and Ryan Specialty Nordics AB following a legal entity restructuring completed in 2025.
Under the restructuring, the Dutch and Nordic entities were converted into branches of Ryan Specialty Europe GmbH, while business previously housed within Ryan Specialty International Limited was transferred to Ryan Specialty Underwriting Managers International Limited.
