On October 28, 2025, Ryan Specialty has signed a definitive agreement to acquire Toronto-based Stewart Specialty Risk Underwriting Ltd. (SSRU), a managing general underwriter specializing in large-account, high-hazard property and casualty solutions, which will become part of Ryan Specialty Underwriting Managers. Founded in 2016 by Stephen Stewart, SSRU focuses on sectors including manufacturing, utilities, real estate, construction, and oil and gas, serves all 13 Canadian provinces and territories, distributes through many global retail brokers, and is backed by multiple A rated carriers.

Ryan Specialty’s leadership characterized the acquisition as a strategic step to expand capabilities in Canada, increase the total addressable market and deliver a broader product offering by leveraging SSRU’s underwriting discipline, sector expertise and national reach. SSRU’s president and CEO described the transaction as a milestone for the firm and the Canadian specialty market, emphasizing continued independence, disciplined growth and service to clients, brokers and carrier partners.

The transaction was completed on December 1, 2025.