Specialty insurance company Ryan Specialty has completed the previously announced acquisition of Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managed general underwriter (MGU).
SSRU, a specialist in underwriting large, high-risk property and casualty solutions, will now operate within the Ryan Specialty Underwriting Manager (RSUM) division.
The deal, initially 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 specializes in complex, high-hazard property and casualty solutions. The company has built deep expertise in key sectors including manufacturing, utilities, real estate, construction and oil and gas.
SSRU has established a strong distribution network, cooperates with many global retail brokers, and operates in all 13 provinces and territories of Canada.
In addition, SSRU’s extensive expertise and stable underwriting performance have won the support of multiple Class A carriers.
Tim Turner, CEO of Ryan Specialty, previously said: “SSRU is an outstanding organization with a proven track record of rigorous underwriting and strong broker relationships. This acquisition enables Ryan Specialty to significantly expand our Canadian market share, and we are pleased to welcome Stephen Stewart and his talented team to Ryan Specialty.”
