Initial Statement of Beneficial Ownership - Form 3

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Wuller Benjamin MIles 2. Date of Event Requiring Statement (Month/Day/Year) 2024-10-29 3. Issuer Name and Ticker or Trading Symbol RYAN SPECIALTY HOLDINGS, INC. [RYAN] (Last) (First) (Middle) 155 NORTH WACKER DRIVE, SUITE 4000 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) President & CEO, RSUM / 5. If Amendment, Date Original Filed (Month/Day/Year) (Street) CHICAGO IL 60606 6. Individual or Join/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security 2. Amount of Securities Beneficially Owned 3. Ownership Form: Direct (D) or Indirect (I) 4. Nature of Indirect Beneficial Ownership

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivate Security	2. Date Exercisable and Expiration Date	3. Title and Amount of Securities Underlying Derivative Security	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)	6. Nature of Indirect Beneficial Ownership
Date Exercisable	Expriation Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Director	10% Owner	Officer	Other
Wuller Benjamin MIles 155 NORTH WACKER DRIVE, SUITE 4000 CHICAGO, IL60606			President & CEO, RSUM

Signatures

/s/ Mark S. Katz, as Attorney-in-Fact	2024-11-06
**Signature of Reporting Person	Date

Explanation of Responses:

(*)	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
(**)	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Shares of Class B Common Stock, par value $0.001 per share, ("Class B Common Stock") do not represent economic interests in the Issuer. Except as provided in the Issuer's certificate of incorporation or as required by applicable law, holders of Class B Common Stock will be initially entitled to 10 votes per share on all matters to be voted on by the Issuer's stockholders generally. Upon exchange of Common Units ("Common Units") of New Ryan Specialty, LLC that are held by the Reporting Person and reported in Table II hereof, for an equal number of shares of Class A Common Stock, par value $0.001 per share, ("Class A Common Stock") of the Issuer, an equal number of shares of the Issuer's Class B Common Stock will be cancelled for no consideration.
(2)	Pursuant to the Amended and Restated Limited Liability Company Agreement of New Ryan Specialty, LLC, as amended, the reporting person may exchange all or a portion of such person's Common Units of the LLC (together with the delivery of an equal number of shares of Class B Common Stock of the Issuer) for shares of Class A Common Stock of the Issuer on a one-for-one basis, subject to customary adjustments, or, at the option of the Issuer, cash (based on the then-market value of the Class A Common Stock). The Common Units do not expire.
(3)	The Class C Units' Return Threshold is used to determine the value of such units and, by extension, the number of shares Class A Common Stock into which such units may be converted. The current Return Threshold of such units is $23.38. The units had a Return Threshold of $23.50 when issued, which, pursuant to the terms of the operating agreement of New Ryan Specialty, LLC (the "LLC"), is reduced on a 1-for-1 basis for each distribution from the LLC with respect to its common units. The LLC has made three distributions for a total amount of $0.12 per unit with respect to its common units since the reporting person's Class C incentive units were issued.
(4)	Represents Class C Common Incentive Units of New Ryan Specialty, LLC which vested on July 22, 2024. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).The Class C Common Incentive Units may be exchanged into a number of Common Units as described in the prior footnote, which will then be immediately redeemed on a one-for-one basis for Class A Common Stock, par value $0.001 ("Class A Common Stock"), of the Issuer based on the value of Common Units and the fair market value of the Class A Common Stock at the time of the applicable exchange.
(5)	The Class C Units' Return Threshold is used to determine the value of such units and, by extension, the number of shares Class A Common Stock into which such units may be converted. The current Return Threshold of such units is $40.78. The units had a Return Threshold of $40.90 when issued, which, pursuant to the terms of the operating agreement of New Ryan Specialty, LLC (the "LLC"), is reduced on a 1-for-1 basis for each distribution from the LLC with respect to its common units. The LLC has made three distributions for a total amount of $0.12 per unit with respect to its common units since the reporting person's Class C incentive units were issued.
(6)	Represents Class C Common Incentive Units of New Ryan Specialty, LLC which vest 20% annually beginning on April 1, 2026 though April 1, 2030. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3). Once vested, the Class C Common Incentive Units may be exchanged into a number of Common Units as described in the prior footnote, which will then be immediately redeemed on a one-for-one basis for Class A Common Stock, par value $0.001 ("Class A Common Stock"), of the Issuer based on the value of Common Units and the fair market value of the Class A Common Stock at the time of the applicable exchange.
(7)	Represents Restricted LLC Units of New Ryan Specialty, LLC granted on March 18, 2022 which vest on April 1, 2025. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3). Each Restricted LLC Unit represents a contingent right to receive one Common Unit and one share of Class B Common Stock. The Common Units are exchangeable on a one-for-one basis for Class A Common Stock of the Issuer based on the value of Common Units and the fair market value of the Class A Common Stock at the time of the applicable exchange.

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