Founded in 2016 by Stephen Stewart, SSRU has established itself as a key player in the Canadian specialty insurance market, offering expertise across sectors such as manufacturing, utilities, real estate, construction, and oil and gas. The company operates with a distribution network covering all 13 Canadian provinces and territories and maintains partnerships with multiple A rated carriers.
For the 12 months ending 30 September 2025, SSRU generated approximately 18 million Canadian dollars in operating revenue. While the terms of the acquisition were not disclosed, it has been confirmed that B.P. Marsh & Partners will receive approximately 37 million Canadian dollars for its 28 per cent stake in the company.
Pat Ryan, Founder and Executive Chairman of Ryan Specialty, expressed enthusiasm about the acquisition and the opportunities it brings. “We could not be more excited about the opportunity to welcome Stephen Stewart and the entire SSRU team to the Ryan Specialty family. 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.”
Tim Turner, Chief Executive Officer of Ryan Specialty, also highlighted the strength and reputation of the Canadian underwriting firm. “SSRU is an exceptional organization with a proven track record of disciplined underwriting and strong broker relationships. This acquisition allows Ryan Specialty to expand our Canadian market presence at scale, and we are thrilled to welcome Stephen Stewart and his talented team to Ryan Specialty.”
Miles Wuller, Chief Executive Officer of Ryan Specialty Underwriting Managers, added that SSRU’s expertise aligns perfectly with the group’s vision. “SSRU’s talent, underwriting acumen, and innovation are world-class and align perfectly with our commitment to offer our carrier trading partners unique and high-quality insurance risks. Additionally, SSRU’s deep sector knowledge and national reach position us to deliver our broader product offering into Canada. We look forward to working with Stephen and his team to deliver even greater value to our brokers, agents, and carriers across North America.”
Stephen Stewart, President and Chief Executive Officer of SSRU, described the acquisition as a milestone for the company and for the Canadian specialty insurance market. “Joining Ryan Specialty Underwriting Managers marks a milestone for both SSRU and the Canadian specialty market. 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.”
The acquisition marks a significant step in Ryan Specialty’s continued expansion within the North American specialty insurance sector, strengthening its position as a leader in providing tailored and innovative underwriting solutions.
