International specialty insurance firm, Ryan Specialty, has signed a definitive agreement to acquire Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managing general underwriter (MGU) specialising in underwriting large-account, high-hazard property and casualty solutions.
Established in 2016 by Stephen Stewart, SSRU is a Canadian MGU, with expertise in manufacturing, utilities, real estate, construction, and oil and gas.
The firm has built a strong distribution network, partnering with numerous global retail brokers, and operates across all 13 Canadian provinces and territories.
Moreover, SSRU’s extensive expertise and consistent underwriting performance have secured the support of multiple A-rated carriers.
Pat Ryan, Founder and Executive Chairman, Ryan Specialty, stated: “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. We are confident that the Ryan Specialty platform will greatly enhance the value that SSRU can deliver for its clients and trading partners.”
Tim Turner, CEO, Ryan Specialty, commented: “SSRU is an exceptional organisation 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.”
Remarking on the sale, Stephen Stewart, President and CEO, SSRU, said: “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. This partnership positions us to grow responsibly and continue delivering for our clients, brokers, and carrier trading partners across the country.”
Terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter of 2025.
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