U.S. specialty MGA to acquire Toronto-based SSRU 

Ryan Specialty, a U.S.-based international specialty insurance firm, has announced it will acquire Toronto-based Stewart Specialty Risk Underwriting Ltd. 

SSRU is a managing general underwriter (MGU) specializing in large-account, high-hazard property and casualty underwriting. Founded in 2016 by Stephen Stewart, SSRU has expertise in manufacturing, utilities, real estate, construction, and oil and gas. Its distribution network spans all Canadian provinces and territories. 

As part of the deal, SSRU will become a part of the Ryan Specialty Underwriting Managers (RSUM) division of Ryan Specialty. Founded in 2010, RSUM has more than 950 insurance professionals serving clients globally in North America, the UK, Europe, and Asia Pacific.

“Joining Ryan Specialty Underwriting Managers marks a milestone for both SSRU and the Canadian specialty market,” said Stephen Stewart, SSRU’s president and CEO. “We look forward to bringing our expertise to a broader platform while maintaining the independence and discipline that define our approach.

“This partnership positions us to grow responsibly and continue delivering for our clients, brokers, and carrier trading partners across the country.” 

Conversely, the deal allows Ryan Specialty to expand its Canadian market presence through scale, the acquiring company said. 

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

Terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter of 2025. 

Alyssa DiSabatino

Alyssa Di Sabatino has been a reporter for Canadian Underwriter since 2021, covering industry trends, market developments, and emerging risks.