Ryan Specialty Holdings has announced a definitive agreement to acquire Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managing general underwriter (MGU) specializing in large-account, high-hazard property and casualty solutions.
Following the acquisition, SSRU will operate under Ryan Specialty Underwriting Managers (RSUM), the company’s global underwriting division. Terms of the deal were not disclosed.
Founded in 2016 by Stephen Stewart, SSRU has become a recognized leader in Canada’s specialty insurance market, providing underwriting expertise across sectors including manufacturing, utilities, real estate, construction, and oil and gas. The firm maintains a nationwide presence, serving all 13 provinces and territories through a broad network of global retail brokers and A rated carrier partners.
Pat Ryan, founder and executive chairman of Ryan Specialty, said the acquisition marks a strategic move to expand the company’s capabilities and client reach in Canada. He added that integrating SSRU into Ryan Specialty’s platform will enhance the firm’s ability to serve complex risk needs across North America.
Tim Turner, CEO of Ryan Specialty, said the transaction strengthens the company’s Canadian market position, citing SSRU’s underwriting discipline and established broker relationships as key assets. Miles Wuller, CEO of Ryan Specialty Underwriting Managers, added that SSRU’s expertise complements Ryan Specialty’s mission to deliver innovative, high-quality insurance solutions while deepening engagement with carrier and broker partners.
Stephen Stewart, president and CEO of SSRU, said joining Ryan Specialty represents a milestone for both his company and the broader Canadian specialty market. He noted that the partnership will allow SSRU to expand its reach and capabilities while maintaining its independent underwriting approach.
The acquisition underscores growing interest among global specialty insurers and MGUs in Canada’s expanding commercial insurance sector. Market demand for tailored coverage has risen alongside heightened catastrophe risks, evolving regulatory expectations, and increased focus on complex industrial and infrastructure projects.
SSRU reported approximately $18 million in operating revenue for the 12 months ending September 30, 2025. The transaction, for which terms were not disclosed, is expected to close in the fourth quarter of 2025. MarshBerry served as exclusive financial advisor to SSRU.
