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Erie Indemnity vs Ryan Specialty Holdings: ERIE and RYAN compared
Erie Indemnity is the larger company: $1.1B of revenue in its latest quarter (Q3 2026) against $790M for Ryan Specialty Holdings (Q3 2026). Ryan Specialty Holdings is growing faster (+5% against +0.3% a year earlier). Erie Indemnity is more profitable, with an operating margin of 19.4% against 17.8%.
Where the money goes: ERIE and RYAN
Erie Indemnity (ERIE) · Q3 2026
Erie Indemnity, Q3 2026: revenue $1.1B (+0.3% year over year), operating margin 19.4%, net earnings $182M, operating cash flow $213M. The chart follows the revenue to costs, profit and cash.
Ryan Specialty Holdings (RYAN) · Q3 2026
Ryan Specialty Holdings, Q3 2026: revenue $790M (+5% year over year), operating margin 17.8%, net earnings $36.7M, operating cash flow $181M. The chart follows the revenue to costs, profit and cash.
| Erie Indemnity (ERIE) | Ryan Specialty Holdings (RYAN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.1B | $790M |
| Revenue growth, Y/Y | +0.3% | +5% |
| Operating margin | 19.4% | 17.8% |
| Net earnings | $182M | $36.7M |
| Net margin | 17.0% | 4.6% |
| Operating cash flow | $213M | $181M |
| Free cash flow | $185M | $160M |
| Market value | $14.3B | $12.1B |
| P/E | 24.8× | 115.6× |
| Analysts’ mean target | — | $49.66 |
Where the revenue comes from
Erie Indemnity
- Management fee revenue - policy issuance and renewal services: $847M (79%)
- Administrative services reimbursement revenue: $198M (18%)
- Management fee revenue - administrative services: $19.7M (2%)
- Service agreement revenue: $5.7M (1%)
Ryan Specialty Holdings
- Wholesale Brokerage: $394M (50%)
- Underwriting Management: $288M (36%)
- Binding Authority: $93.0M (12%)
- Other revenues: $14.9M (2%)
Questions
Which is bigger, Erie Indemnity or Ryan Specialty Holdings?
Erie Indemnity is the larger company: $1.1B of revenue in its latest quarter (Q3 2026) against $790M for Ryan Specialty Holdings (Q3 2026).
Is Erie Indemnity or Ryan Specialty Holdings growing faster?
Ryan Specialty Holdings is growing faster (+5% against +0.3% a year earlier).
Which is more profitable, Erie Indemnity or Ryan Specialty Holdings?
Erie Indemnity is more profitable, with an operating margin of 19.4% against 17.8%.
More: Erie Indemnity earnings · how Erie Indemnity makes money · Ryan Specialty Holdings earnings · how Ryan Specialty Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.