Ryan Specialty
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The executive, who took up the post in March, is leaving the company for personal reasons. -
In the company’s inaugural earnings call after going public, it also noted the potential M&A deals it is seeing are on the larger end.
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The company disclosed on Wednesday evening that total revenue jumped 58% from the second quarter last year to $390mn.
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Behrens will work under John Zern as the wholesaler looks to build out a new benefits vertical.
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The broker said it was possible that certain personal details were accessed during the hack.
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The intermediary’s shares closed trading on Monday at $29.16, a 24% increase from their initial offer price.
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The founding CEO said that succession plans were in place and pointed to president Tim Turner as his natural successor.
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The wholesale broker’s shares were up by about 8% on the day in the early afternoon, changing hands at $27.81 a share.
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The listing price is in the middle of the $22-$25 price range the wholesaler previously said it was targeting.
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The entrepreneur could receive upwards of $500mn of cash proceeds by selling down some of his stake.
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The IPO is imminent now that pricing has been announced in deal that will value the Pat Ryan-led business at up to $5.6bn.
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Sellers look set to harvest all-time-high multiples, but buyers should not mistake these businesses for retail brokers.
