Ryan Specialty to acquire Stewart Specialty Risk Underwriting, terms undisclosed

Ryan Specialty (RYAN) announced that it has signed a definitive agreement to acquire Stewart Specialty Risk Underwriting. SSRU is a managing general underwriter based in Toronto, Canada specializing in underwriting large-account, high-hazard property and casualty solutions. SSRU will become a part of the Ryan Specialty Underwriting Managers division of Ryan Specialty. Founded in 2016 by Stephen Stewart, SSRU has established itself as a Canadian MGU with expertise in manufacturing, utilities, real estate, construction and oil and gas. SSRU has built a distribution network that includes many global retail brokers and has capabilities across all 13 Canadian provinces and territories. SSRU generated approximately C$18M of operating revenue for the 12 months ended September 30. Terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter of 2025.