Ryan Specialty, a leading international specialty insurance firm, has announced the completion of its acquisition of Stewart Specialty Risk Underwriting Ltd., also known as SSRU. SSRU is a managing general underwriter based in Toronto, Canada. It specializes in underwriting large-account, high-hazard property and casualty solutions. As a result of the acquisition, SSRU is now part of the Ryan Specialty Underwriting Managers division, or RSUM, within Ryan Specialty.
Ryan Specialty previously announced the acquisition on October 25, 2025. The later release confirms that the deal has moved from announcement to completion.
Background on SSRU and Its Market Position
In the earlier press release, Ryan Specialty said it had signed a definitive agreement to acquire SSRU. The company explained that Stephen Stewart founded SSRU in 2016. Since that time, SSRU has established itself as a Canadian MGU with expertise in manufacturing, utilities, real estate, construction, and oil and gas.
Ryan Specialty also stated that SSRU built a robust distribution network that includes many global retail brokers. In addition, SSRU has capabilities across all 13 Canadian provinces and territories. The press release noted that SSRU’s breadth of expertise and consistent underwriting results have attracted the backing of multiple A-rated carriers.
Leadership Statements About the Acquisition
Ryan Specialty shared comments from company leaders and from SSRU’s president and CEO. Pat Ryan, Founder and Executive Chairman of Ryan Specialty, said that Ryan Specialty is excited to welcome Stephen Stewart and the SSRU team. He described the transaction as strategic, and he said it expands Ryan Specialty’s capabilities in Canada. He also said the deal increases the total addressable market Ryan Specialty serves. In addition, he stated that the Ryan Specialty platform will enhance the value SSRU delivers to its clients and trading partners.
Tim Turner, CEO of Ryan Specialty, said SSRU is an exceptional organization with a proven track record of disciplined underwriting and strong broker relationships. He added that the acquisition allows Ryan Specialty to expand its Canadian market presence at scale. He also said the company is pleased to welcome Stephen Stewart and his team.
Miles Wuller, CEO of Ryan Specialty Underwriting Managers, said SSRU’s talent, underwriting acumen, and innovation align with RSUM’s commitment to offer carrier trading partners unique and high-quality insurance risks. He also stated that SSRU’s deep sector knowledge and national reach position RSUM to deliver a broader product offering into Canada. He added that RSUM looks forward to working with SSRU to deliver greater value to brokers, agents, and carriers across North America.
Stephen Stewart, President and CEO of SSRU, said joining Ryan Specialty Underwriting Managers marks a milestone for SSRU and for the Canadian specialty market. He said SSRU plans to bring its expertise to a broader platform while maintaining the independence and discipline that define its approach. He also stated that the partnership positions SSRU to grow responsibly and continue delivering for clients, brokers, and carrier trading partners across Canada.
Financial and Deal Information Provided
Ryan Specialty reported that SSRU generated approximately CAD $18 million of operating revenue for the 12 months ended September 30, 2025. The press release noted that this figure has not been audited. It also stated that, using current exchange rates, CAD $18 million equates to USD $13 million in operating revenue.
The company did not disclose the terms of the deal. However, it said the transaction was expected to close in the fourth quarter of 2025. Ryan Specialty also stated that Marsh Berry served as exclusive financial advisor to SSRU.
About Ryan Specialty
Ryan Specialty was founded in 2010. It operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers. The firm provides distribution, underwriting, product development, administration, and risk management services. It acts as a wholesale broker and as a managing underwriter with delegated authority from insurance carriers.
Ryan Specialty stated that its mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers.
About Ryan Specialty Underwriting Managers
Ryan Specialty Underwriting Managers is an industry leader in delegated authority underwriting services. Its family of MGUs and national programs has the expertise and authority to design, underwrite, bind, and administer a diverse portfolio of risks. RSUM said that its value proposition originates with more than 950 industry professionals. These professionals are supported by centralized technical support and policy lifecycle administration, along with a broad distribution network of retail and wholesale brokers.
RSUM stated that it has serviced clients and trading partners in North America, the UK, Europe, and Asia Pacific since its establishment in 2010.
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