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Ryan Specialty, the Chicago-based specialty insurance firm, announced it has signed a definitive agreement to acquire Stewart Specialty Risk Underwriting Ltd. (SSRU).

Terms of the deal were not disclosed.

Based in Toronto, Canada, SSRU is a managing general underwriter (MGU) that specializes in underwriting large-account, high-hazard property/casualty solutions. SSRU will become a part of the Ryan Specialty Underwriting Managers (RSUM) division of Ryan Specialty.

The announcement from Ryan Specialty coincided with a separate announcement from UK private equity firm B.P. Marsh, which sold its 28.2% stake in SSRU for C$51.9 million ($37.1 million) — a cash consideration to be received upon completion.

B.P. Marsh first invested in SSRU as a startup in January 2017, subscribing to a 30% shareholding for a nominal amount, alongside providing SSRU with a loan facility of C$850,000 (US$607,652), which was fully repaid in 2021. At sale, B.P. Marsh said the transaction will have delivered an internal rate of return of 89.8%, including fees.

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, Ryan Specialty said, noting that the company has built a robust distribution network that includes many global retail brokers and has capabilities across all 13 Canadian provinces and territories.

“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,” commented Pat Ryan, founder and executive chairman, Ryan Specialty, in a statement. “We are confident that the Ryan Specialty platform will greatly enhance the value that SSRU can deliver for its clients and trading partners.”

“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,” according to Tim Turner, CEO, Ryan Specialty.

“SSRU’s deep sector knowledge and national reach position us to deliver our broader product offering into Canada,” said Miles Wuller, CEO, Ryan Specialty Underwriting Managers.

“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,” remarked Stephen Stewart, president and CEO, SSRU.

“SSRU has been an outstanding performer within our portfolio, delivering significant growth and value creation,” said Dan Topping, chief investment officer of B.P. Marsh, in a statement.

“This success is a testament to the vision and leadership of Stephen Stewart and his team, who have built a business with a strong culture of underwriting discipline and client focus,” Topping added. “The sale represents an excellent return for our shareholders and reflects our strategy of partnering with exceptional management teams to build market-leading businesses.”

SSRU generated approximately C$18 million (US$13 million) of operating revenue for the 12 months ended September 30, 2025.

Marsh Berry served as exclusive financial adviser to SSRU. The transaction is expected to close in the fourth quarter of 2025.

Source: Ryan Specialty

Topics Mergers & Acquisitions Excess Surplus Underwriting Insurance Wholesale Canada