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Investor Presentation August 2026
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Forward-Looking Statements: This presentation by Ryan Specialty Holdings, Inc. (the “Company,” “we,” “us”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve substantial risks and uncertainties and that reflect the Company’s current expectations and projections with respect to, among other things, its plans, objectives, and business. These forward-looking statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. For more detail on the risk factors that may affect the Company’s results, see the section entitled ‘‘Risk Factors’’ in our most recent annual report on Form 10-K and quarterly reports on 10-Q filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this presentation relate only to events as of the date hereof. We do not undertake, and expressly disclaim, any duty or obligation to update or revise any forward-looking statement after the date of this presentation, whether as a result of new information, future events, changes in assumptions or otherwise. Market, Industry, and Ratings Data This presentation includes information concerning economic conditions, the Company’s industry, the Company’s markets and the Company’s competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as the Company’s own estimates and research. The Company’s estimates are derived from publicly available information released by third party sources, as well as data from its internal research, and are based on such data and the Company’s knowledge of its industry, which the Company believes to be reasonable. The independent industry publications used in this presentation were not prepared on the Company’s behalf. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. This presentation includes ratings from Moody’s, S&P, and Fitch, which ratings are not a recommendation to buy, sell or hold an investment in the Company and may be revised or withdrawn at any time by the rating agencies. Non-GAAP Measures This presentation contains the following financial measures: Organic Revenue Growth Rate (or “Organic Growth”), Adjusted EBITDAC, Credit Adjusted EBITDAC, Adjusted EBITDAC Margin, and Free Cash Flow, each of which are not recognized under generally accepted accounting principles (“GAAP”) in the United States. The Company believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. Organic Growth, Adjusted EBITDAC, Credit Adjusted EBITDAC, Adjusted EBITDAC Margin, and Free Cash Flow, each have limitations as an analytical tool, respectively, and you should not consider any of these measures either in isolation or as a substitute for other methods of analyzing the results as reported under GAAP. Please see the appendix for a reconciliation of such non-GAAP financial information to the most comparable GAAP measure. Disclaimer 2
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Ryan Specialty Overview 1
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1st ~$13bn Premiums Placed 26% Revenue CAGR 2019-2025 2nd ~$32bn Premiums Placed Preeminent Specialty Insurance Firm In Wholesale Brokerage, we connect over 35,000 retail brokers to specialized capacity providers in the placement of complex and difficult risks In Delegated Underwriting Authority, which consists of Binding Authority and Underwriting Management, we work with retail and wholesale insurance brokers to design, underwrite, bind, administer, and service these risks on a variable cost basis for our carrier trading partners 1 Based on 2025 premium volume, Source: Business Insurance August/September 2025 report; 2 Adjusted EBITDAC is a non-GAAP Measure, please see the Appendix for a reconciliation to the most comparable GAAP measure; 3 Average 2021-2025 WHOLESALE BROKER RANKING1 DELEGATED UNDERWRITER RANKING1 SUSTAINED GROWTH 35k+ Retail Brokers 350+ Carrier Trading Partners 97% Producer & 96% Underwriter Retention Rate3 1,200 Brokers & 900 Underwriters ~$3.1bn in Revenue in 2025 ~$1.0bn in Adj. EBITDAC in 20252 DISTRIBUTION AT SCALE BROAD CLIENT BASE INDUSTRY LEADING TALENT 4
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Specialty Underwriting #1 Delegated Underwriting Authority (“DUA”)1 Strong alignment and governance at scale 190+ carrier relationships Specialty Distribution #2 Wholesale Broker1 World-class expertise across industry verticals 35k+ retail broker relationships globally 52% Delegated Underwriting AuthorityWholesale Distribution 1 Based on 2025 premium volume, Source: Business Insurance August/September 2025 report; Specialty mix represents 6/30/2026 LTM Net Commissions and Fees 48% Our Mission: Provide Innovative Insurance Solutions to Brokers, Agents, & Carriers 5
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Evolution and Growth of Ryan Specialty 26% CAGR 2019-2025 48% up from 33% in 2019 31% CAGR 2019-2025 63 since founding in 2010 93% since IPO Total Revenue Growth Total Shareholder Return (TSR) 3 Total M&A deals Total Adjusted EBITDAC Growth 2 Delegated Underwriting Authority share of Revenue 1 1 Specialty mix represents 6/30/2026 LTM Net Commissions and Fees 2 Adjusted EBITDAC is a non-GAAP Measure, please see the Appendix for a reconciliation to the most comparable GAAP measure; 3 As of 7/31/2026, Source: Factset 6
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32% 55% 13% Property Casualty Prof. Lines (% of Total Written Premium) + Track record of investing in expertise and innovative products ahead of niche firming phenomena Enhanced coverage leading to better outcomes for retailers and their clients + Breadth across various specialty & industry verticals, matched with depth of resources to handle volume + Note: 1 As of 12/31/2025 PORTFOLIO BY INDUSTRY VERTICAL1 DIFFERENTIATED BROKING EXPERTISEVALUE PROPOSITION TO CLIENTS Specialty Expertise: Deep practice groups in the most complex, highest-value risk areas Technical Experts: Expertise and product knowledge, placement insights Unrivaled Distribution Reach: 35k+ retail broker clients, including all of the Top 100 Scale as a Competitive Moat: Premium volume drives superior carrier access, data, and insights Full-spectrum Solutions: From high-volume small-premium accounts to the largest multi- layered complex risks Differentiated Claims Advocacy: Complex claims support deepens client retention Independence: Free of any channel conflicts + Unique ability to handle new or emerging risks, distressed accounts + Deep carrier relationships built on decades of trust Wholesale Brokerage: Expertise Across Specialty Risks 7 Non-Admitted Admitted 82% 18%
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Fixed Property (31%) Builders Risk (17%) Marine (2%) Casualty (28%) Transportation (3%) Workers' Comp (1%) Other (3%) Trans. Liab. (11%) Prof. Lines (5%) Cyber (1%) 49% 34% 17% 39% 59% 2% Property Casualty Prof. Lines UNIQUE DELEGATED AUTHORITY PLATFORMPORTFOLIO BY PRODUCT & MARKET1 Note: 1 % of Total Written Premium as of 12/31/2025. Excludes Reinsurance, Benefits, and Alternative Risk; 2 Geneva Re related earnings are excluded from Non-GAAP figures. Equity method investment was valued at $103.1 million as of June 30, 2026, with more detail found in our 10-K and 10-Q’s ROBUST GOVERNANCE High-Quality Capital: +85%% of capital from AXV(15) rated carriers, minimizing counterparty risk Diversified Revenue at Scale: 300+ products across 160+ facilities underpin recurring revenue Low Concentration Risk: ~2/3rds of premium syndicated across multiple carriers Deep, Sticky Carrier Demand: 25+ carriers each back 10 or more MGUs Balanced Capital Base: ~80% of premium with top-25 carrier partners, 50% with top-10 Aligned Economics: compensation heavily driven by underwriting profitability Further Alignment: Geneva Re2 participates in 90%+ of syndicated MGUs Converting 300 lines of business into an investable asset class + UNDERWRITING MANAGEMENTBINDING AUTHORITY + Supported by centralized legal, compliance, regulatory, and reporting Focus on product development, risk selection, and portfolio management + Dedicated actuarial, catastrophe modeling and data scientists supporting discipline + Years of investment to diversify outside of the traditional MGA / MGU market + Expanded into reinsurance underwriting, alternative capital, and benefits + UNDERWRITING SUPPORT PROOF POINTS Delegated Authority: Aligned to Performance, Governed and Run by Experts 8 Non-Admitted Admitted 88% 12% Non-Admitted Admitted 62% 38%
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Our Differentiation 2
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Eight reasons, one system: the engine powers the drivers, the drivers compound into durable, industry- leading growth, all supported by a disciplined capital allocation framework and seasoned leadership team 2 Secular tailwinds Risk, Clients, Panel Consolidation Delegated Authority, and E&S enhance our leading position, while offering opportunities for market share gains 3 Talent We attract, develop, and retain the industry's best producers & underwriters 4 Innovation & TAM expansion Years of platform expansion beyond traditional Wholesale and Delegated Underwriting Authority markets 5 Best-in-class M&A engine Disciplined, accretive deals that compound the platform Industry-leading organic growth supported by strong margins Operational flexibility to invest in growth and expand margins 7 Disciplined capital allocation framework 8 Seasoned and aligned leadership team THE GROWTH DRIVERS THE OUTPUT THE FOUNDATION THE ENGINE 6 Our Differentiation 10 1 Leading platform with scale Deep moat, innovative solutions, and a proprietary data advantage
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WHAT THIS COMBINATION PRODUCES 1 Uniquely positioned at the top of both specialty distribution and underwriting Trusted at the executive level across carriers, distributors, and capital providers, giving Ryan Specialty a unique ability to engineer solutions the market can't easily match Dual vantage offers the widest view of specialty risk, complemented by proprietary data and an innovation edge SCALE ACROSS BOTH PLATFORMS #2 Wholesale · #1 DUA1 the flywheel compounds 1. Widest View of Risk Proprietary flow & data from 35k+ retail broker clients 2. Faster Innovation Identify the need, innovate faster, hire the talent, build the product, source the capital 3. Deeper Carrier & Capital Alignment 190+ DUA carrier trading partners, Ryan Re, Alternative Capital 4. Greater Distribution Brokers consolidate more flow onto the platform Data & Innovation Moat Real-Time Speed to Market Bespoke Client Solutions Alternative Risk & Capital Expanded TAM & Diversified Earnings A FLYWHEEL THAT NATURALLY COMPOUNDS OVER TIME Wholesale Brokerage Delegated Underwriting Authority INDUSTRY LEADERSHIP AT SCALE 1 3 2 4 We Lead the Market by Delivering Innovative Solutions at Scale 11 1 Based on 2025 premium volume, Source: Business Insurance August/September 2025 report
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MGA/MGU’s continue taking share of U.S. Commercial lines, from 9% in 2012 to 20% in 20251 Delegated Underwriting Authority E&S share gains from ~7% to ~26% of U.S. commercial lines in ~25 years2 Carriers have made significant commitments to the E&S marketE&S Retailers are reducing the number of specialty providers through panel consolidation, which benefits scaled platforms Panel Consolidation Secular Trends Reinforce and Enhance Leading Position Retail brokers and Carriers are poised for continued growthClients Global risk complexity is accelerating, driving continued need for freedom of rate and form, and thus driving flow of business, into the specialty and E&S channelRisk 2 12 1 Source: Dowling & Partners, IBNR 2026 #24; 2 Source: AM Best September 9, 2025 Market Segment Report
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Talent is a Compounding Advantage Producer Hiring and Retention 3 Knowledge Development Innovation Ryan Specialty is the destination of choice for elite talent New hire classes contribute organically from day 1, typically cover costs by the end of year two, and hit target margins by the end of year three Cutting-edge sourcing and development program through Ryan Specialty University Entrepreneurial and empowering culture cultivating a collaborative and encouraging workplace 97% producer and 96% senior underwriter retention1 71% of producers grew their book of business in 2025 Relentless Product Development: 13 active de novo MGUs Digital distribution Data & Analytics Effectively empowering talent and fostering the next generation drives future growth Destination of choice for top-tier talent; 2025 producer hiring class was the 2nd largest to date Innovation is part of our DNA and is leveraged to meet the evolving and growing needs of our clients and trading partners 13 1 Average 2021-2025
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Commercial P&C North America SPECIALTY DISTRIBUTION Available TAM is almost half of the U.S. Commercial P&C market premium of ~$500 billion Ryan Specialty’s addressable market within core wholesale brokerage expands beyond the E&S Market Product Innovation and TAM Expansion: Wholesale Brokerage4 E&S Excess & Surplus Specialization at scale. A platform that combines deep, class-specific expertise with the volume and data to place hard risks efficiently Innovative new products, investing ahead of niche firming phenomena Fragmented market as the top 3 wholesalers ≈ 50% of E&S premiums3 High-hazard admitted products, including commercial auto, specialty workers comp, some excess liability, and high-net-worth homeowners ~$130bn2 Specialty Admitted Difficult Classes of Risk ~$60bn4 ~$500bn1 10-yr CAGR5 6% 12% 7% 14 1 Source: S&P Global; 2 Source: AM Best September 9, 2025 Market Segment Report; 3 Source: Dowling & Partners, Hales Report Issue #10, Vol: 10; 4 Note: Based on estimates of specialty admitted penetration by key lines of business; Source: S&P Global; 5 Note: from 2015-2025
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UNIQUE DELEGATED AUTHORITY PLATFORM Structuring capital vehicles, including flagship collateralized sidecar Meeting demand the traditional markets can't efficiently address through captives and structured solutions Alternative Capital RAC Re / Alternative Risk Product Innovation and TAM Expansion: Delegated Underwriting Authority4 MGA / MGU / Binding North America Spans 300+ products across 41 specialty P&C MGAs Generates underwriting commissions and profit commissions tied to underwriting results through a capital-light, carrier-aligned model Ryan Specialty has expanded its total addressable market within Delegated Underwriting Authority outside the MGA / MGU practice vertical, and into numerous specialty areas of growth Benefits Medical Stop Loss ~$40bn4 Innovation-led benefits division with distinguished capabilities Products largely uncorrelated to the P&C cycle, adding diversification Cross-platform expertise across RT, RSUM and capital management Reinsurance MGU Ryan Re Ryan Re approaching ~$2bn of premium Unique strategic relationships with cedants and alternative capital P&C treaty and facultative reinsurance capabilities ~$135bn3 ~$125bn1 ~$110bn2 10-yr CAGR5 11% 7% 11% 6% 15 1 Source: Dowling & Partners, IBNR 2026 #24; 2 AM Best, Commercial Net reinsurance premiums; 3 Aon April 2026 Reinsurance Market Dynamics; 4 Guy Carpenter and Oliver Wyman Fall 2025 Stop Loss Market Update; 5 Note: from 2015-2025
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M&A Engine that Enhances Attractive Growth Profile5 16 Disciplined approach to M&A that compounds long-term value creation Source High- Quality Assets New Capabilities Geographic Expansion Integrated Platform Accelerate Growth Target market-leading specialty firms Partner with entrepreneurial management Focus on complementary capabilities and cultural alignment Align incentives for long-term success Expand specialty product capabilities Broaden expertise across attractive niches and segments Enhance cross-selling opportunities Increase value delivered to clients and trading partners Extend presence in domestic and in key international markets Access new client and distribution opportunities Strengthen local market expertise Leverage enterprise technology and infrastructure Realize operational efficiencies at scale Connect talent, data, and best practices Enable consistent client experience across the platform Drive organic growth through expanded capabilities Invest further in these businesses, supporting future growth Reinforce the ability to pursue future acquisitions 63 Deals Since Founding ~$530M in Acquired Rev.(1) M&A by the Numbers Strategic Accretive Cultural Fit Maintain Disciplined Criteria 1 Since IPO.
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6 Durable Model Supported by Industry-leading Growth & Strong Margins Years of deliberate reinvestment built the platform. Empower now creates the flexibility to expand margin while we keep investing. PRIORITIZE GROWTH ▪ Deliberately prioritized industry-leading growth over near-term margin ▪ Invested aggressively across the platform: 2nd-largest hiring class ever (2025) ~$2.7bn / 12 acquisitions in two years De novo builds, International expansion (6 → 24 offices), central underwriting New capabilities: Ryan Re, Alternative Risk, and Benefits THE EMPOWER PROGRAM ▪ Streamline broking & underwriting operations ▪ Optimize the business platform ▪ Accelerate data & technology ▪ Enhance efficiencies across specialties ▪ Digital transformation & AI, built around Clients, People, and Process FORWARD MARGIN EXPANSION ▪ Empower creates the operational flexibility to keep investing in the platform ▪ Continued investment to widen our competitive moat ▪ Aided by natural operating leverage as the platform scales ▪ Supports our goal of modest margin expansion in most years 17
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Disciplined Capital Allocation Framework7 Growth investments remain the first call on discretionary capital, with residual cash returned to shareholders 2 3 4 5 • Most accretive to returns • Specialty capabilities • Product initiatives • Strong cultural fit, strategic, and accretive • Platform integration and investment accelerates growth of acquired firms • Modest and sustainable • Grew dividend 9% in ‘25 and 8% in ‘26 REPURCHASE PROGRAM • $600M total authorization • $300M remaining (as of 6/30/26) INVESTING FOR ORGANIC GROWTH Hiring top-tier talent in wholesale / DUA specialty lines, and launching de-novo facilities to meet the marketplace M&A PROGRAM Acquire high-quality, aligned businesses that expand capabilities, geographies and strengthen the platform. SUSTAINABLE DIVIDENDS Return a consistent and growing portion of free cash flow through a modest, sustainable quarterly dividend. SHARE REPURCHASES Deploy excess capital towards opportunistic share repurchases CAPITAL RETURN 1 • Strong and sustainable FCF afforded by our asset light model • Stated leverage corridor of 3.0x – 4.0x on a credit basis1 MAINTAIN FINANCIAL FLEXIBILITY Preserve sufficient liquidity and prudent leverage to support operations and strategic growth. GROWTH FUNDING 18 Note: 1 Represents Adjusted EBITDAC as further adjusted without duplication for: acquired EBITDAC from the beginning of the applicabl e 12-month reference period, certain run rate expected cost savings and initiatives, and certain other adjustments as permitted in calculating leverage ratios under our debt agreements. Non-GAAP Measure, see Appendix for a reconciliation of Credit Adjusted EBITDAC to the most comparable GAAP measure
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19 Miles Wuller CEO, Underwriting Managers Pat Ryan Executive Chairman Tim Turner CEO, Ryan Specialty Chairman, RT Specialty Janice Hamilton Chief Financial Officer Brendan Mulshine Co-President CEO, RT Specialty Steve Keogh Co-President Chief Operating Officer Mark Katz General Counsel Michael Conklin Chief Human Resources Officer Michael VanAcker President RT Specialty Kieran Dempsey Chief Underwriting Officer CEO Ryan Alternative Risk John Zern President and CEO Ryan Specialty Benefits Eric Quinn President Underwriting Managers Alice Phillips Topping Chief Marketing and Communications Officer Andy Gorman SVP, Strategy and M&A Michael Blackshear Chief Compliance and Privacy Officer Head of Diversity, Equity & Inclusion Lana Jankovic Chief Audit and Risk Officer Noah Angeletti Treasurer Seasoned and Aligned Leadership Team8
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Our Markets 3
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Strategically Positioned at Multiple Points Along the Value Chain Specialty Distribution Multiple sources of commission and profit share • Wholesale: market access and technical expertise for complex or niche risks • Binding Authority: streamlines process for high-volume, lower-complexity business • MGA/MGU: embedding specialized underwriting expertise directly into the value chain A B Specialty Capacity Incremental fees for sourcing and managing risk • Reinsurance MGA: specialized reinsurance expertise for segments carriers cannot efficiently reach themselves • Sidecar manager: structuring and managing dedicated capital vehicles that let investors participate in a defined book of risk INSURED RETAIL AGENT PRIMARY CARRIER REINSURANCE BROKER REINSURANCE CARRIER ALTERNATIVE CAPITAL PROVIDER WHOLESALE BINDING AUTHORITY MGA / MGU REINSURANCE MGA SIDECAR MANAGER WHOLESALE BINDING AUTHORITY MGA / MGU REINSURANCE MGA SIDECAR MANAGER A B 21
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Brand Operating model Value proposition Distributes a wide range of products from insurance carriers to retail brokers Connects retail brokers and their clients to specialized capacity providers Focused, specialized servicing of retail brokers’ most challenging risks Critical distribution channel for carriers with unique or specialized risk appetites Places larger-volume, smaller premium policies efficiently with insurance carriers Quickly bind (i.e., put coverage in place) new risks that fit carrier guidelines Carriers define the underwriting box and tap into our broad distribution network Retailers access wide product set for small, but hard to place, commercial risks Typically specialize in larger, complex, bespoke coverages Breadth of service offerings; designs, underwrites, binds, and administers policies Fully outsourced underwriting company Specialized talent and proven underwriting skills delivers sustained profitability for carriers Delegated Underwriting Authority Risk Placement Risk Underwriting Comprehensive, Full-service Product Offering 22 Wholesale Brokerage
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STATE OF THE E&S MARKET 13% 13%E&S % of Total 7% 14% 26% $153 $230 $205 $255 $295 $376$12 $33 $32 $41 $66 $130 $165 $264 $237 $296 $361 $506 2000 2005 2010 2015 2020 2024 E&S Premium Commercial Lines Premium E&S Premiums & Total North America Commercial P&C Premiums1 ($bn) 18% Traditional Risks 74% of the commercial market (Admitted market)1 DRIVING VALUE BY SECURING COVERAGE FOR SPECIALTY RISKS E&S MARKET OVERVIEW KEY DRIVERS Increasing catastrophe losses and risk of climate change Nuclear jury verdicts and social inflation Growing frequency and complexity of cyber risks including emerging AI risk Emergence of novel health risks New frontier opportunities in Cyber, Homeowners, and HNW Market for highly specialized insurance risks Freedom of rate and form Tailored coverage to the needs of insureds Facilitates coverage which wouldn’t be possible otherwise E&S market share is durable, as PIF growth is ~7% from 2018-2025 3 E&S CAGR2 10.6% Admitted CAGR2 3.8% Bespoke, Complex, or Larger Risks 26% of the commercial market (E&S market) Leader in Specialty E&S Placements 23 Note: 1 Per AM Best September 9, 2025 Market Segment Report; 2 For the period 2000 to 2024; 3 E&S stamping data from CA, FL, TX, average by month from 2018-2025
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The MGA market’s 11%1 CAGR over the last 10 years reflects its ability to meet the growing demand for innovative solutions Structural Tailwinds Driving Delegated Underwriting Authority Growth More streamlined operations and technology driving speed to market for new innovative products Variable, cost-efficient structure for carriers to access attractive, fast- growing niche markets Industry increasingly attracting top underwriting talent Rising trust from carriers driven by ability for select delegated authority underwriters to generate consistent profits Increasing complexity of risk driving strong demand for difficult to replicate, specialized underwriting expertise via MGAs 24 1 Source: Dowling & Partners, IBNR 2026 #24
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Rank Company 2024 P&C Premiums ($ in billions) 1 $12.7 2 12.5 3 8.6 4 5.6 5 4.4 6 3.4 7 3.2 8 2.6 9 2.1 10 1.8 Rank Company 2024 P&C Premiums ($ in billions) 1 $37.0 2 28.1 3 21.8 4 8.1 5 7.0 6 4.0 7 3.9 8 3.7 9 3.0 10 2.2 Only publicly traded “pure play” wholesale broker… Source: Business Insurance August/September 2025 LARGEST SPECIALTY INTERMEDIARIES LARGEST DELEGATED UNDERWRITERS …and delegated underwriting authority specialists Market Landscape of Wholesale Brokers and Delegated Underwriting Authority 25
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Financial Profile 4
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Track Record of Strong Organic Growth and Earnings Growth We have grown Revenue at 26% and Adj EBITDAC2 at 31% CAGR from 2019-2025 Revenue ($mm) Adjusted EBITDAC2 ($mm) $765 $1,018 $1,433 $1,725 $2,078 $2,516 $3,051 $3,218 2019 2020 2021 2022 2023 2024 2025 LTM 6/30/26 Organic Growth2 $1,1871 18% 23% 17% 15% 13% 9%3 $191 $294 $460 $1,725 $625 $811 $967 $1,017 2019 2020 2021 2022 2023 2024 2025 LTM 6/30/26 (closed 9/1/20) + + (closed 9/1/20) Adjusted EBITDAC Margin2 25% 32% 30% 30% 32% 32% $3521 10% 32% 27 Note: 1 Revenue of $1,187mm and Adjusted EBITDAC of $352mm include the pro forma effect of All Risks, transaction closed 9/1/20; 2 Adjusted EBITDAC, Adjusted EBITDAC Margin, and Organic revenue growth are non-GAAP Measures, please see the Appendix for a reconciliation to the most comparable GAAP measures; 3 Represents the period June 30, 2026 YTD 21% 29%
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2.6x 2.0x 1.8x 3.1x 3.2x 3.3x 2021 2022 2023 2024 2025 LTM Jun-26 Net Leverage 357 400 1,675 1,200 1,043 2026 2027 2028 2029 2030 2031 2032 S+200 bps RCF due 2029 4.375% SSN due 2032 S+200 bps Term Loan due 2031 5.875% SSN due 2032 1,400 LIQUIDITY Maintains sufficient liquidity to fund operations and continue investing in growth, with cash on hand and ~$1.0bn of capacity under our revolving credit facility (“RCF”), as of 6/30/26 In February 2026, increased regular quarterly dividend 8% to $0.13/share on outstanding Class A common stock In February 2026, announced an inaugural $300 million share repurchase plan authorization In May 2026, announced a $300 million increase to the share repurchase plan authorization Financial Profile LEVERAGE DEBT MATURITY SCHEDULE CORPORATE CREDIT RATINGS Ample maturity runway, with majority of funded debt complex due in 2030 and beyond Weighted average cost of debt of 5.95% with balanced fixed and floating mix Staggered debt ladder with minimal overlapping maturities 1 Stated leverage corridor of 3 – 4x is on a credit basis1 2 Rating: Ba3 BB- BB+ Outlook: Stable Stable Stable 1 Defined as Total Senior Debt less cash attributable to the LLC, divided by Credit Adjusted EBITDAC; Total Senior Debt defined as the principal balance of total debt disclosed in FN 7 in the form 10-Q; Credit Adjusted EBITDAC is a Non-GAAP measure. See Appendix for the reconciliation to the most comparable GAAP measure. For more information on cash attributable to the LLC, refer to FN 12 in the form 10-Q. 2 Comprised of $1,400MM in total commitments, with $357MM drawn as of 6/30/26. 28
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Appendix 5 29
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Commentary Adjustments made without duplication for additional adjustments permitted under our debt agreements Related to Acquisitions and integration, and non-controlling interest buyouts Related to changes in valuation of earn-outs ($MM) 2019 2020 2021 2022 2023 2024 2025 6/30/26 LTM Total Revenue $765.1 $1,018.3 $1,432.8 $1,725.2 $2,077.5 $2,515.7 $3,051.1 $3,217.7 Net Income $63.1 $70.5 $56.6 $163.3 $194.5 $229.9 $214.2 $242.8 Interest expense $35.5 $47.2 $79.4 $104.8 $119.5 $158.4 $222.4 $219.9 Income tax expense 4.9 9.0 4.9 15.9 43.4 42.6 79.0 39.4 Depreciation 4.8 3.9 4.8 5.7 9.0 9.8 13.1 15.8 Amortization 48.3 63.6 107.9 103.6 106.8 157.8 274.4 269.5 Change in contingent consideration (1.6) (1.3) (2.9) 0.4 5.4 (22.9) (13.1) 72.8 EBITDAC $155.0 $192.9 $256.5 $393.8 $478.7 $575.8 $816.2 $860.2 Acquisition-related expense $10.0 $18.3 $4.3 $4.6 $23.3 $69.8 $72.1 $50.9 Acquisition-related long-term incentive compensation 2.1 13.1 38.4 22.1 (4.3) 24.9 26.6 19.3 Restructuring and related expense – 12.9 14.7 5.7 49.3 59.7 – 39.3 Amort. and exp. related to discont. prepaid incentives 9.7 14.2 7.2 6.7 6.4 5.2 4.3 3.5 Other non-operating loss / (income) (3.5) 32.3 44.9 5.1 10.4 15.0 (0.7) (1.2) Equity based compensation 7.8 10.8 13.6 23.4 31.0 52.0 49.7 53.0 Discontinued programs expense 8.6 (0.8) – – – – – – Other non-recurring items 0.7 0.3 0.4 – – – – – IPO-related expenses – – 79.5 55.6 38.7 27.0 19.8 15.4 (Income) / loss from equity method investments 1.0 (0.4) 0.8 0.4 (8.7) (18.2) (21.2) (23.7) Adjusted EBITDAC $191.4 $293.5 $460.2 $517.4 $624.7 $811.2 $966.7 $1,016.8 Credit Adjustments 7.9 85.7 23.1 9.9 43.7 87.9 35.5 60.6 Credit Adjusted EBITDAC $199.3 $379.2 $483.3 $527.3 $668.5 $899.2 $1002.2 $1,077.3 Net Income Margin 8.2% 6.9% 4.0% 9.5% 9.4% 9.1% 7.0% 7.5% Adjusted EBITDAC Margin 25.0% 28.8% 32.1% 30.0% 30.1% 32.2% 31.7% 31.6% Pro Forma Impact of All Risks $58.4 – – – – – – Pro Forma Adjusted EBITDAC $351.9 – – – – – – Non-GAAP Reconciliations 30 Note: Numbers may not sum due to rounding Discontinued incentive plan Adjustment related to the extinguishment of the Onex Preferred instrument, changes in state tax rates on the TRA liability, and term loan modification IPO adjustment related to one-time payments made at the IPO, expenses related to revaluation of pre-IPO equity awards, and one-time IPO awards All Risks, ACCELERATE 2025, and Empower Adjusted EBITDAC, Credit Adjusted EBITDAC and Adjusted EBITDAC Margin
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Summary Financials and Organic Growth Reconciliation Income Statement ($mm) Organic Growth Reconciliation 2019 2020 2021 2022 2023 2024 2025 6/30/26 YTD Net Commissions and Fees Revenue Growth Rate1 25.0% 34.0% 40.9% 19.5% 18.4% 21.2% 21.9% 11.1% Less: Impact of Contingent Commissions (0.4%) 0.3% 0.5% (0.2%) (0.2%) (1.3%) (1.2%) (0.1%) Net Commissions and Fees Revenue Excluding Contingent Commissions Growth Rate 24.6% 34.3% 41.4% 19.3% 18.2% 19.9% 20.7% 11.0% Less: Mergers and Acquisitions Net Commissions and Fees Revenue Excluding Contingent Commissions (6.9%) (12.9%) (18.3%) (2.8%) (2.8%) (7.1%) (10.4%) (1.8%) Impact of Change in Foreign Exchange Rates 0.2% (0.3%) (0.1%) 0.3% -- -- (0.2%) (0.3%) Organic Revenue Growth Rate 17.9% 21.1% 22.9% 16.8% 15.4% 12.8% 10.1% 8.9% 2019 2020 2021 2022 2023 2024 2025 6/30/26 LTM Revenues: Net commissions and fees $758.4 $1,016.7 $1,432.2 $1,711.9 $2,026.6 $2,455.7 $2,994.6 $3,163.2 Fiduciary investment income 6.7 1.6 0.6 13.3 51.0 60.0 56.5 54.4 Total Revenue $765.1 $1,018.3 $1,432.8 $1,725.2 $2,077.5 $2,515.7 $3,051.1 $3,217.7 Expenses: Compensation and benefits $494.4 $686.2 $991.6 $1,129.0 $1,321.0 $1,591.1 $1,803.4 $1,914.6 General and administrative 118.2 107.4 139.0 197.0 276.2 352.1 453.5 467.7 Amortization 48.3 63.6 107.9 103.6 106.8 157.8 274.4 269.5 Depreciation 4.8 3.9 4.8 5.7 9.0 9.8 13.1 15.8 Change in contingent consideration (1.6) (1.3) 2.9 0.4 5.4 (22.9) 13.1 72.8 Total operating expenses $664.1 $859.7 $1,246.1 $1,435.7 $1,718.5 $2,087.9 $2,557.5 $2,740.4 Operating Income $101.0 $158.5 $186.6 $289.5 $359.1 $427.8 $493.6 $477.3 Interest expense, net $35.5 $47.2 $79.4 $104.8 $119.5 $158.4 $222.4 $219.9 (Income) / loss from equity method investments 1.0 (0.4) 0.8 0.4 (8.7) (18.2) (21.2) (23.7) Other non-operating (income) / loss (3.5) 32.3 44.9 5.1 10.4 15.0 (0.7) (1.2) Income before income taxes $68.0 $79.5 $61.6 $179.2 $237.9 $272.6 $293.2 $282.2 Income tax expense $4.9 $9.0 $4.9 $15.9 $43.4 $42.6 $79.0 $39.4 Net Income $63.1 $70.5 $56.6 $163.3 $194.5 $229.9 $214.2 $242.8 Note: 1 Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non -GAAP Financial Measures and Key Performance Indicators” as filed in the company’s more recent earnings release on form 8 -K on July 30, 2026 2 Adjustments made to Adjusted EBITDAC represent (without duplication) additional adjustments permitted under our debt agreemen ts 31
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