Chicago-based specialty insurance firm Ryan Specialty has announced that 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 risk property and casualty solutions. SSRU will become a part of Ryan Specialty’s Ryan Specialty Underwriting Managers (RSUM) division.
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 strong distribution network that includes many global retail brokers and has capabilities in all 13 Canadian provinces and territories. The firm’s breadth of expertise and consistent underwriting results has attracted the backing of numerous 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 addition to the total addressable market we serve.” “We are confident that the Ryan Specialty Platform SSRU will greatly add value to our clients and business partners.”
According to Tim Turner, CEO, Ryan Specialty, “SSRU is an exceptional organization with a proven track record of disciplined underinvesting 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.”
“SSRU’s deep sector knowledge and national reach position us to deliver our broadest product offering in Canada,” said Miles Willer, CEO of Ryan Specialty Underwriting Managers.
Stephen Stewart, president and CEO of SSRU, remarked, “Joining Ryan Specialty Underinvesting Managers is 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 defines our approach.” “This partnership positions us to grow responsibly and continue to supply our clients, brokers and carrier trading partners across the country.”
SSRU generated approximately CC$18 million (US$13 million) of operating income for the 12 months ending September 30, 2025.
Marshberry served as Special Financial Advisor to SSRU. The transaction is expected to close in the fourth quarter of 2025.
Source: Ryan Specialty
Titles
Mergers and Acquisitions Additional Additional Underwriting Insurance Wholesale Canada
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