UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________ FORM 10-Q ____________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to Commission File Number: 001-40645 ____________ RYAN SPECIALTY HOLDINGS, INC. (Exact name of registrant as specified in its charter) ...

Core Viewpoint - Ryan Specialty Group reported quarterly earnings of $0.39 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.35 per share a year ago [1] - The company posted revenues of $690.17 million for the quarter, exceeding the Zacks Consensus Estimate by 1.16%, and up from $552.05 million year-over-year [2] Earnings Performance - The earnings surprise for the previous quarter was -4.26%, with actual earnings of $0.45 per share compared to an expected $0.47 [1] - Over the last four quarters, the company has surpassed consensus EPS estimates only once [1] Revenue Performance - Ryan Specialty has topped consensus revenue estimates two times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.68 on revenues of $850.22 million, and for the current fiscal year, it is $2.09 on revenues of $3.08 billion [7] Stock Performance - Ryan Specialty shares have increased by approximately 2.1% since the beginning of the year, contrasting with a -5.3% decline in the S&P 500 [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] Industry Outlook - The Insurance - Brokerage industry is currently ranked in the bottom 14% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the outlook for the industry can materially affect stock performance [5][8]

Ryan Specialty Group (RYAN) Q1 2025 Earnings Call May 01, 2025 04:45 PM ET Speaker0 Good afternoon, and thank you for joining us today for Ryan Specialty Holdings first quarter twenty twenty five earnings conference call. In addition to this call, the company filed a press release with the SEC earlier this afternoon, which has also been posted to its website at ryanspecialty.com. On today's call, management's prepared remarks and answers to your questions may contain forward looking statements. Investors sh ...

- Total Revenue grew25.0%year-over-year to$690.2 million- - Organic Revenue Growth Rate*1o2f.9%year-over-year - - Net Income o$f (4.4) million, or$(0.22)per diluted share - - Adjusted EBITDAC* gre2w7.5%year-over-year to$200.5 million- - Adjusted Net Income increas1e3d.0%year-over-year to$107.8 million- - Adjusted Diluted Earnings Per Share grew 11.4$%0.o3r9per diluted share - May 1, 2025 | CHICAGO,—ILRyan Specialty Holdings, Inc. (NYSE: RYAN) ("Ryan Specialty" or the "Company"), a leading international spec ...

Financial Performance and Risks - Approximately 5% and 3% of the company's revenues for the years ended December 31, 2024, and 2023, respectively, were generated outside of the United States, exposing the company to currency risk from exchange rate fluctuations [218]. - The company is subject to various risks including changes in tax laws, decreased commission revenues due to proposed tort reform legislation, and potential adverse effects from outstanding debt [22]. - The company is experiencing increased scrutiny regarding compensation practices in the insurance brokerage industry, which may affect future revenue streams [252]. - The company’s ability to generate sufficient cash flow to service all indebtedness is subject to various economic and competitive factors beyond its control [273]. - The company may incur additional indebtedness in the future, which could exacerbate risks associated with its substantial indebtedness [272]. - The company is subject to ongoing and periodic tax audits, and unfavorable outcomes could result in higher tax costs, penalties, and interest [261]. - Changes in tax legislation, including those arising from the OECD's BEPS project, could materially impact the company's effective tax rate and cash tax liabilities [262]. - The company may face operational risks and increased financing costs if credit ratings are downgraded, affecting access to financing sources [276]. Cybersecurity and Compliance - The company has experienced cybersecurity incidents, including fraudulent activities and security breaches, but these have not had a material impact on its business strategy or financial condition to date [224]. - The company must comply with the Health Insurance Portability and Accountability Act (HIPAA) due to its entry into employee benefits insurance products, increasing regulatory complexity [247]. - The company is monitoring the evolving landscape of artificial intelligence regulations, which could impose additional compliance requirements [249]. - The company faces significant regulatory exposure due to evolving data protection laws, including potential fines for noncompliance with the EU GDPR [242]. - The California Consumer Privacy Act (CCPA) requires increased transparency and data subject rights, affecting how the company manages personal information [244]. - The U.K. Data Protection Act allows for fines up to £17.5 million or 4% of worldwide turnover, whichever is higher, impacting the company's operations [243]. - The company faces risks related to corporate responsibility and stakeholder interest practices, which could impose additional costs or expose it to new risks [219]. Corporate Governance and Ownership - The Ryan Parties control 82% of the Class B common stock, allowing them to influence significant corporate transactions [288]. - As of December 31, 2024, the Ryan Parties control approximately 76% of the voting power of the outstanding capital stock, significantly influencing corporate decisions [309]. - The dual-class common stock structure allows Class B common stock holders to control the outcome of matters requiring stockholder approval, potentially affecting the market price of Class A common stock [314]. - The concentration of ownership by the Ryan Parties may deprive Class A common stockholders of opportunities to receive a premium for their shares in a sale of the company [309]. - Provisions in the corporate governance documents could make it more difficult for stockholders to replace current management or initiate actions opposed by the Board [316]. - The Director Nomination Agreement allows the Ryan Parties to designate nominees for the Board based on their ownership percentage, potentially leading to disproportionate representation [310]. - The company has opted out of Section 203 of the DGCL, which could discourage third-party acquisitions and affect stockholder actions [315]. Financial Obligations and Tax Agreements - As of December 31, 2024, the company had a total outstanding indebtedness of $3,300 million, including $400 million related to 4.375% Senior Secured Notes and $1,200 million related to 5.875% Senior Secured Notes [267]. - The company has commitments available to be borrowed under the Revolving Credit Facility of $1,399.7 million, which would be secured on a first-priority basis if borrowed [267]. - The company expects to use cash flow from operations to meet current and future financial obligations, which may limit cash flow availability for working capital and capital expenditures [268]. - The company may need to incur debt to finance payments under the Tax Receivable Agreement if cash resources are insufficient [295]. - The Tax Receivable Agreement requires the Company to make cash payments equal to 85% of the tax benefits realized, which may be substantial [291]. - The LLC is obligated to make tax distributions quarterly to LLC Unitholders based on net taxable income, which may exceed the overall effective tax rate applicable to corporate taxpayers [302]. - As of December 31, 2024, the Company has recorded Tax Receivable Agreement liabilities of $436.3 million associated with payments to current and certain former LLC Unitholders [291]. Market and Stock Performance - The company's quarterly operating results are expected to fluctuate significantly due to various factors, including market conditions and competition [325]. - Fluctuations in quarterly financial results may limit investors' ability to sell shares of Class A common stock, potentially affecting market price and liquidity [325]. - Key factors influencing stock price volatility include economic conditions, regulatory developments, and changes in investor perception [326]. - The company has declared its first cash dividend on February 27, 2024, and has paid dividends quarterly since then, but future dividends are not guaranteed [323]. - The company may issue preferred stock in the future, which could adversely affect holders of Class A common stock and depress its market price [324]. - Future sales of a substantial number of Class A common stock could adversely affect its market price, with significant pre-IPO equity holders not subject to sales restrictions [322]. - The company faces risks from potential securities class action litigation due to stock price volatility, which could incur substantial costs and divert management's attention [325].

Financial Data and Key Metrics Changes - For Q4 2024, total revenue grew 24.5% year-over-year to $664 million, driven by organic revenue growth of 11% and strong contributions from M&A [55][58] - Full year 2024 revenue surpassed $2.5 billion, up 21% year-over-year, with adjusted EBITDAC growing 30% to $811 million and adjusted EBITDAC margin expanding 210 basis points to 32.2% [11][58] - Adjusted earnings per share increased by 30% to $1.79 [12][58] Business Line Data and Key Metrics Changes - The casualty line of business showed exceptional performance, contributing significantly to organic growth [9][22] - The property line faced challenges with pricing deterioration, particularly in Q4, but still managed to grow due to strong market share gains [30][32] - Delegated Authority now accounts for nearly 45% of total revenue, reflecting the company's strategic focus on this segment [14] Market Data and Key Metrics Changes - The E&S (Excess and Surplus) market is expected to continue outpacing the admitted market, driven by increasing complexity and risks in the insurance landscape [41][42] - A recent market study indicated that 70% of carriers plan to increase their use of Delegated Authority in 2025, highlighting its growing importance [17] Company Strategy and Development Direction - The company executed its largest M&A year, completing seven acquisitions that added over $265 million in trailing revenue, enhancing its underwriting management capabilities [13][23] - The focus remains on expanding Delegated Underwriting Authority and enhancing specialized insurance services to meet evolving market demands [16][19] - The company aims for continued double-digit organic growth in 2025, supported by strategic investments and M&A activities [19][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of double-digit organic growth, driven by strong new business generation and resilience in casualty lines [22][41] - The company anticipates modest growth in property but remains bullish on its long-term potential due to ongoing risks and market dynamics [32][116] - The successful completion of the ACCELERATE 2025 program is expected to provide financial flexibility for future investments [50][59] Other Important Information - The company approved a 9% increase in its quarterly dividend, reflecting strong earnings growth and confidence in future performance [62] - The adjusted effective tax rate for 2024 was 26%, with expectations for slight changes in 2025 based on geographic mix and tax law changes [59] Q&A Session Summary Question: What are the assumptions for property in the organic revenue guidance? - Management indicated that while property pricing is soft, strong market share gains in new and renewal business are expected to offset this [70][75] Question: Can you elaborate on the margin guidance and investment plans for 2025? - Management confirmed that 2025 will see a higher-than-average investment year, balancing immediate delivery with long-term growth [77][80] Question: What is the outlook for organic growth across different specialties? - All specialties are expected to achieve double-digit organic growth, with particular strength in casualty and contributions from recent M&A [88][91] Question: How will M&A activity be affected by leverage? - Management stated that M&A activity will not slow due to leverage availability, as there is a robust pipeline of opportunities [92][94] Question: What are the expectations for fiduciary investment income in 2025? - The company is using the forward curve for interest rates in its fiduciary investment income forecast [96][97] Question: What is driving the opportunity for above-average investment? - Management emphasized the need for proactive investments in efficiencies and technology to maintain competitive advantage [101][102] Question: What is the conviction for multiyear organic growth above 10%? - Management remains confident in achieving double-digit organic growth, supported by strategic acquisitions and market trends [105][106] Question: What is the opportunity in personal lines? - The company is expanding its presence in high net worth personal lines through new MGUs and joint ventures, capitalizing on market demand [110]

Core Insights - Ryan Specialty Group reported quarterly earnings of $0.45 per share, missing the Zacks Consensus Estimate of $0.47 per share, but showing an increase from $0.35 per share a year ago, resulting in an earnings surprise of -4.26% [1] - The company posted revenues of $663.53 million for the quarter ended December 2024, which was below the Zacks Consensus Estimate by 0.56%, and an increase from $532.86 million year-over-year [2] - The stock has gained approximately 8.1% since the beginning of the year, outperforming the S&P 500's gain of 4.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.44 on revenues of $689.23 million, and for the current fiscal year, it is $2.29 on revenues of $3.06 billion [7] - The estimate revisions trend for Ryan Specialty is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Insurance - Brokerage industry, to which Ryan Specialty belongs, is currently ranked in the top 29% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Revenue Performance - Total revenue for Q4 2024 increased by 24.5% year-over-year to $663.5 million, compared to $532.9 million in the prior-year period[1] - Full year 2024 total revenue grew by 21.1% to $2,515.7 million, compared to $2,077.5 million in the prior-year[4] - Total revenue for the year ended December 31, 2024, was $2,515,710, representing a 21.1% increase compared to $2,077,549 in 2023[46] - Total revenue for Q4 2024 reached $663.5 million, a 24.6% increase from $532.9 million in Q4 2023[15] - For the year ended December 31, 2024, total revenue was $2.52 billion, up 21.1% from $2.08 billion in 2023[15] Income and Earnings - Net income for Q4 2024 decreased by 27.3% year-over-year to $42.6 million, compared to $58.5 million in the prior-year period[13] - Adjusted net income for Q4 2024 increased by 28.9% to $123.3 million, with adjusted diluted earnings per share rising to $0.45[15] - Net income for the year ended December 31, 2024, was $229,913, compared to $194,480 in 2023, resulting in a net income margin of 9.1%[46] - Net income for Q4 2024 was $42.6 million, down 27.2% from $58.5 million in Q4 2023, resulting in a net income margin of 6.4%[15] - Adjusted diluted earnings per share for the year ended December 31, 2024, was $1.79, compared to $1.38 in 2023[47] Adjusted Metrics - Adjusted EBITDAC for Q4 2024 grew by 36.2% to $216.0 million, with an adjusted EBITDAC margin of 32.6%[14] - Adjusted EBITDAC for the year ended December 31, 2024, was $811,223, an increase from $624,740 in 2023, with an adjusted EBITDAC margin of 32.2%[47] - Adjusted EBITDAC for the year ended December 31, 2024, was $811.2 million, reflecting a significant increase from prior year adjustments[68] - Adjusted net income for Q4 2024 was $123.3 million, a 29.0% increase from $95.7 million in Q4 2023, with an adjusted net income margin of 18.6%[15] Growth and Acquisitions - The company executed 7 acquisitions in 2024, adding over $265 million in annualized revenue[5] - The company initiated guidance for full year 2025 organic revenue growth rate between 11.0% – 13.0%[19] - Organic revenue growth rate for Q4 2024 was 11.0%, compared to 16.5% in the prior-year period[10] - Organic revenue growth rate (Non-GAAP) for the year ended December 31, 2024, was 12.8%, compared to 15.4% in 2023[54] Expenses and Financial Position - Total operating expenses for the year ended December 31, 2024, were $2,087,898, up from $1,718,468 in 2023[46] - Compensation and benefits expense ratio for the year ended December 31, 2024, was 63.2%, slightly down from 63.6% in 2023[46] - The company incurred acquisition-related expenses of $69,842 for the year ended December 31, 2024, compared to $23,274 in 2023[59] - Long-term debt as of December 31, 2024, was $3,231,128, an increase from $1,943,837 in 2023[50] - Cash and cash equivalents as of December 31, 2024, were $540,203, a decrease from $838,790 in 2023[50] Segment Performance - Wholesale Brokerage segment generated $1,489,077 in revenue for 2024, up 12.9% from $1,319,056 in 2023[21] - Underwriting Management revenue surged by 49.7% to $646,215 in 2024, compared to $431,579 in 2023[21] - The Binding Authority segment reported a revenue increase of 16.1%, reaching $320,379 in 2024 from $275,961 in 2023[21] Cash Flow and Assets - Total cash flows provided by operating activities for the year were $514,868, compared to $477,203 in the previous year[52] - Total assets as of December 31, 2024, were $9,649,918, compared to $7,247,209 in 2023, indicating significant growth[50] - Cash and cash equivalents held in fiduciary capacity at the end of the period were $1,756,332, slightly down from $1,767,385 in the previous year[52] Other Information - The company declared a 9.1% increase in its regular quarterly dividend to $0.12 per share[17] - The company will host a conference call to discuss these results, scheduled for 5:00 PM ET[22] - Ryan Specialty is focused on providing innovative specialty insurance solutions for brokers, agents, and carriers[24] - Forward-looking statements indicate potential growth initiatives and strategies, subject to risks and uncertainties[26]

Financial Data and Key Metrics Changes - Total revenue grew by 20.5% to $605 million, with organic revenue growth of 11.8% and contributions from M&A adding nearly 7 percentage points to the top line [7][46] - Adjusted EBITDAC increased by 29.4% to $190 million, with an adjusted EBITDAC margin expanding by 220 basis points to 31.5% [9][47] - Adjusted diluted EPS grew by 28% to $0.41 per share [9][47] Business Line Data and Key Metrics Changes - The wholesale brokerage specialty and property practice both experienced strong growth despite short-term headwinds in property pricing [21][22] - The casualty practice showed excellent performance, driven by higher loss costs and social inflation, leading to double-digit growth [23][24] - Delegated authority specialties, including binding and underwriting management, performed well, particularly in M&A transactional liability and health care [25][26] Market Data and Key Metrics Changes - Property pricing saw a deterioration of 20% to 30% in Q3, but there are signs of stabilization and potential recovery in Q4 [28][60] - Casualty pricing accelerated across various classes, driven by increased loss costs and a shift of risks into the specialty and E&S market [28][66] - The E&S market remains firm, with expectations of continued growth driven by new risks entering the market [30][62] Company Strategy and Development Direction - The company is focused on maintaining independence and not competing with retail brokers, which is central to its client-first philosophy [15] - There is a commitment to delegated underwriting authority, which is expected to gain momentum as the market evolves [16] - The company aims to capitalize on panel consolidation trends, enhancing client outcomes and minimizing errors and omissions [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and growth potential, emphasizing the importance of client-first strategies and specialized expertise [12][13] - The outlook for Q4 is optimistic, with expectations of improved performance in property and casualty lines [57][62] - The company plans to continue executing its disciplined M&A strategy and investing in talent and technology to support long-term growth [53][35] Other Important Information - The company is concluding its Accelerate 2025 program, expecting to achieve annual savings of approximately $60 million by 2025 [49] - A quarterly dividend of $0.11 was declared, reflecting the company's commitment to returning value to shareholders [49] Q&A Session Summary Question: Organic growth expectations for Q4 - Management indicated that Q4 is off to a promising start, with expectations of improved results compared to Q3, despite challenges in the property market [56][57] Question: Impact of storms on contingent commissions - Management noted that contingent commissions have been increasing and are expected to continue, with no adverse impact from recent storms [63] Question: Insights on Innovisk Capital Partners transaction - The revenue impact from Innovisk is approximately $58 million, with expectations of a positive contribution to margins [64] Question: Trends in the casualty market - The casualty market is firming, with double-digit growth expected, particularly in high-hazard sectors [66] Question: Competition from the London market - The London market remains a strong partner, with competitive dynamics but no significant changes noted [71] Question: Challenges in finding E&S market capacity for transportation risk - Transportation remains a challenging area, but the company is well-prepared to address these challenges through its brokerage capabilities [73] Question: Changes in expense ratios - The changes in adjusted G&A and compensation ratios are attributed to the implementation of the Accelerate 2025 program [74] Question: Impact of fiduciary investment income - There is no direct correlation between the growth in delegated authority and fiduciary investment income trends [75] Question: Growth from panel consolidation - Panel consolidation is part of the overall growth strategy, contributing to new client wins and business share [78] Question: Evidence of property market stabilization - Management has observed signs of stabilization in the property market, with expectations of a flat to slightly positive rate environment [80] Question: Seasonality considerations for Q4 - There are no material changes to the seasonality of Q4, which remains a strong quarter for revenue [82]

Financial Performance - Total revenue for the three months ended September 30, 2024, was $604.694 million, an increase of 20.4% compared to $501.938 million for the same period in 2023[14]. - Net commissions and fees for the nine months ended September 30, 2024, reached $1.806 billion, up 19.8% from $1.507 billion in the prior year[14]. - Operating income for the three months ended September 30, 2024, was $81.477 million, representing a 16.5% increase from $69.817 million in the same quarter of 2023[14]. - Net income attributable to Ryan Specialty Holdings, Inc. for the three months ended September 30, 2024, was $17.589 million, compared to a net loss of $5.047 million in the same period last year[15]. - Basic net income per share for the three months ended September 30, 2024, was $0.15, compared to a loss of $0.04 in the same quarter of 2023[15]. - Net income for the three months ended September 30, 2024, was $28,643 thousand, compared to $15,703 thousand for the same period in 2023, representing an increase of 82.2%[16]. - Net income attributable to Ryan Specialty Holdings, Inc. for the nine months ended September 30, 2024, was $80,911 thousand, up from $38,191 thousand in 2023, reflecting a growth of 111.3%[16]. - Total revenue for the three months ended September 30, 2024, was $630.3 million, an increase of 11.4% from $565.7 million for the same period in 2023[40]. - Net income for the three months ended September 30, 2024, was $8.3 million, a decrease of 67.0% compared to $25.2 million for the same period in 2023[40]. Expenses and Liabilities - Total operating expenses for the nine months ended September 30, 2024, were $1.534 billion, an increase of 19.6% from $1.282 billion for the same period in 2023[14]. - Interest expense for the three months ended September 30, 2024, was $49.388 million, compared to $31.491 million in the same period of 2023[14]. - Compensation and benefits expenses increased by 19.5% to $393.2 million for the three months ended September 30, 2024, from $329.2 million in the prior year[138]. - General and administrative expenses rose by 28.0% to $88.7 million for the three months ended September 30, 2024, compared to $69.3 million in the same period of 2023[138]. - Amortization expense increased by 32.5% to $39.2 million for the three months ended September 30, 2024, up from $29.6 million in the prior year[138]. - Interest expense, net increased by $20.1 million, or 22.3%, from $89.8 million to $109.9 million for the nine months ended September 30, 2024, primarily due to increased debt from acquisitions[165]. - The total debt as of September 30, 2024, was $2.68 billion, compared to $1.98 billion as of December 31, 2023, reflecting an increase of 35%[52]. Assets and Equity - Total assets increased to $8,478,503 thousand as of September 30, 2024, from $7,247,209 thousand at December 31, 2023, marking a rise of 17.0%[17]. - Cash and cash equivalents decreased to $1,356,113 thousand at the end of September 30, 2024, down from $1,603,000 thousand at the end of 2023, a decline of 15.4%[18]. - Total stockholders' equity attributable to Ryan Specialty Holdings, Inc. increased to $632,833 thousand as of September 30, 2024, from $559,754 thousand at December 31, 2023, an increase of 13.0%[17]. - The balance at September 30, 2024, showed total stockholders' equity at $1,101,532,000[21]. - As of September 30, 2023, total stockholders' equity was $941,241,000, an increase from $817,812,000 at December 31, 2022, representing a growth of approximately 15.1%[22]. Acquisitions and Growth - The company completed the acquisition of US Assure Insurance Services for cash consideration of $1,079.8 million and contingent consideration of $103.8 million on August 30, 2024[33]. - The total assets acquired during the nine months ended September 30, 2024, amounted to $1.81 billion, with net assets acquired totaling $1.48 billion[34]. - The company has made several acquisitions in 2024, including Castel Underwriting Agencies Limited and US Assure Insurance Services, enhancing its distribution reach and product capabilities[123]. - The restructuring program, ACCELERATE 2025, is expected to incur total costs of approximately $110.0 million and generate annual savings of about $60.0 million starting in 2025[43]. - The company recognized $24.5 million and $33.8 million of revenue related to acquisitions for the three and nine months ended September 30, 2024, respectively[36]. Cash Flow and Dividends - The company reported cash flows from operating activities of $255,228 thousand for the nine months ended September 30, 2024, compared to $250,335 thousand in 2023, a slight increase of 2.8%[18]. - Cash flows used for investing activities during the nine months ended September 30, 2024, were $1,286.4 million, an increase of $904.5 million compared to $381.9 million in the same period of 2023[195]. - During the nine months ended September 30, 2024, the Company paid $66.5 million in dividends on Class A common stock, including $27.1 million for a special Q1 2024 dividend[60]. - The Company declared a one-time special cash dividend of $0.23 per share and initiated a regular quarterly dividend of $0.11 per share on Class A common stock[186]. Risk Factors - The company faces various risks including regulatory changes, operational challenges, and potential legal proceedings that could impact financial performance[8]. - The company is evaluating the impact of recently issued accounting standards on its consolidated financial statements and disclosures[29]. - Approximately 4% of revenues for the nine months ended September 30, 2024, were generated from activities in the United Kingdom, Europe, and Canada, indicating exposure to foreign currency risk[204]. Tax and Compliance - The Company recorded Tax Receivable Agreement liabilities of $455.1 million as of September 30, 2024, reflecting increases of $95.6 million and $63.2 million for the nine months ended September 30, 2024, and 2023, respectively[112]. - The Company incurred expenses of $2.7 million related to services provided to Geneva Re for the three months ended September 30, 2024, compared to $2.2 million for the same period in 2023[104]. - The Company recognized a non-cash deferred income tax expense of $20.7 million for the three and nine months ended September 30, 2023, due to common control reorganization[110].