Ryan Specialty, an international speciality insurance firm, has signed a definitive agreement to acquire Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managing general underwriter (MGU) specialising in high-hazard property and casualty solutions for large accounts. Following the acquisition, SSRU will become part of the Ryan Specialty Underwriting Managers (RSUM) division.
Founded in 2016 by Stephen Stewart, SSRU focuses on underwriting risks in sectors such as manufacturing, utilities, real estate, construction, and oil and gas. The firm has built a strong distribution network, collaborating with numerous global retail brokers, and operates across all 13 Canadian provinces and territories.
SSRU has gained the support of multiple A-rated carriers, thanks to its expertise and consistent underwriting performance.
Pat Ryan, Founder and Executive Chairman of Ryan Specialty, commented: “We are excited to welcome Stephen Stewart and the entire SSRU team to the Ryan Specialty family. This strategic acquisition not only expands our capabilities in Canada but also increases the total addressable market we serve. We are confident that the Ryan Specialty platform will enhance SSRU’s value for its clients and trading partners.”
Tim Turner, CEO of Ryan Specialty, added: “SSRU is an exceptional organisation with a strong track record of disciplined underwriting and broker relationships. This acquisition allows us to significantly expand our presence in the Canadian market, and we are thrilled to have Stephen and his talented team join Ryan Specialty.”
Stephen Stewart, President and CEO of SSRU, remarked: “Joining Ryan Specialty Underwriting Managers marks a major milestone for SSRU and the Canadian specialty market. We look forward to bringing our expertise to a larger platform while maintaining the independence and discipline that define our approach. This partnership will allow us to grow responsibly and continue delivering for our clients, brokers, and carrier partners.”
The terms of the deal were not disclosed, and the transaction is expected to close in the fourth quarter of 2025.