Specialty insurer, Ryan Specialty, has completed its previously announced purchase of Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managing general underwriter (MGU).
The transaction, originally announced on October 25, 2025, marks a significant expansion of Ryan Specialty’s footprint in the Canadian market.
Founded in 2016 by Stephen Stewart, SSRU specialises in complex, high-hazard property and casualty solutions. The firm has established deep expertise across key sectors including manufacturing, utilities, real estate, construction, and oil and gas.
SSRU 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.
Tim Turner, CEO, Ryan Specialty, previously stated: “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.”
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