Ryan Specialty Agrees to Acquire Canadian MGU Stewart Specialty Risk Underwriting

Ryan Specialty, the Chicago-based specialty insurance firm, announced it has signed a definitive agreement to acquire Stewart Specialty Risk Underwriting Ltd. (SSRU).

Terms of the deal were not disclosed.

SSRU is a managing general underwriter (MGU) based in Toronto, Canada, specializing in underwriting large-account, high-hazard property and casualty solutions. SSRU will become a part of the Ryan Specialty Underwriting Managers (RSUM) division of Ryan Specialty.

Founded in 2016 by Stephen Stewart, SSRU has established itself as a leading Canadian MGU with expertise in manufacturing, utilities, real estate, construction and oil and gas. SSRU has built a robust distribution network that includes many global retail brokers and has capabilities across all 13 Canadian provinces and territories. The firm’s breadth of expertise and consistent underwriting results have attracted the backing of multiple A rated carriers.

“We could not be more excited about the opportunity to welcome Stephen Stewart and the entire SSRU team to the Ryan Specialty family. This very strategic transaction not only expands our capabilities in Canada but also represents a significant increase in the total addressable market that we serve,” commented Pat Ryan, founder and executive chairman, Ryan Specialty. “We are confident that the Ryan Specialty platform will greatly enhance the value that SSRU can deliver for its clients and trading partners.”

“SSRU is an exceptional organization with a proven track record of disciplined underwriting and strong broker relationships. This acquisition allows Ryan Specialty to expand our Canadian market presence at scale, and we are thrilled to welcome Stephen Stewart and his talented team to Ryan Specialty,” according to Tim Turner, CEO, Ryan Specialty.

“SSRU’s deep sector knowledge and national reach position us to deliver our broader product offering into Canada,” said Miles Wuller, CEO, Ryan Specialty Underwriting Managers.

“Joining Ryan Specialty Underwriting Managers marks a milestone for both SSRU and the Canadian specialty market. We look forward to bringing our expertise to a broader platform while maintaining the independence and discipline that define our approach,” remarked Stephen Stewart, president and CEO, SSRU. “This partnership positions us to grow responsibly and continue delivering for our clients, brokers, and carrier trading partners across the country.”

SSRU generated approximately C$18 million (US$13 million) of operating revenue for the 12 months ended September 30, 2025.

Marsh Berry served as exclusive financial adviser to SSRU. The transaction is expected to close in the fourth quarter of 2025.

Source: Ryan Specialty

Topics Mergers & Acquisitions Excess Surplus Underwriting Insurance Wholesale Canada