Ryan Specialty Completes Acquisition of SSRU to Expand Canadian Specialty Insurance

Ryan Specialty, a prominent specialty insurance provider in North America, has finalized its acquisition of Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managing general underwriter (MGU). SSRU is recognized for its expertise in underwriting large-account, high-hazard property and casualty insurance, specializing in sectors such as manufacturing, utilities, real estate, construction, and oil and gas. This acquisition enhances Ryan Specialty's Canadian market footprint significantly. SSRU is now integrated into Ryan Specialty Underwriting Managers (RSUM), a division specializing in delegated authority underwriting services. SSRU's extensive distribution network, covering all 13 Canadian provinces and territories, and its relationships with numerous global retail brokers, strengthen RSUM's ability to offer a diverse range of specialty insurance products. Ryan Specialty highlights SSRU's consistent underwriting results and backing from multiple A-rated carriers, which aligns with RSUM's commitment to disciplined underwriting and innovation. Financially, SSRU reported CAD $18 million (approx. USD $13 million) in operating revenue for the year ending September 30, 2025. The acquisition is expected to broaden Ryan Specialty’s total addressable market in Canada and amplify value to brokers, carriers, and clients. Leadership statements emphasize the strategic nature of the acquisition, underlining SSRU's maintained underwriting discipline and independence while benefiting from Ryan Specialty's platform. Marsh Berry acted as exclusive financial advisor to SSRU for this transaction. Established in 2010, Ryan Specialty provides wholesale brokerage, underwriting, product development, risk management, and administration services, supporting a broad portfolio of specialty insurance risks through RSUM's network of over 950 industry professionals across North America and beyond.