Ryan Specialty Completes Acquisition of Canadian MGU Stewart Specialty Risk Underwriting

Ryan Specialty (NYSE: RYAN) completed the acquisition of Stewart Specialty Risk Underwriting Ltd. (SSRU) on December 3, 2025.

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CHICAGO--(BUSINESS WIRE)-- Ryan Specialty (NYSE: RYAN) (“Ryan Specialty”), a leading international specialty insurance firm, is pleased to announce that it has completed the acquisition of Stewart Specialty Risk Underwriting Ltd. (“SSRU”). SSRU is a managing general underwriter (“MGU”) based in Toronto, Canada specializing in underwriting large-account, high-hazard property and casualty solutions. SSRU is a part of the Ryan Specialty Underwriting Managers (“RSUM”) division of Ryan Specialty. The acquisition was previously announced on October 25, 2025 and that announcement can be found here.

About Ryan Specialty

Founded in 2010, Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents and carriers. The firm provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Ryan Specialty’s mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents and carriers. To learn more, please visit ryanspecialty.com.

About Ryan Specialty Underwriting Managers

Ryan Specialty Underwriting Managers is an industry leader in delegated authority underwriting services. Our family of managing general underwriters (MGUs) and national programs have the expertise and authority to design, underwrite, bind, and administer a diverse portfolio of risks. Our value proposition originates with our 950+ industry professionals who are empowered by centralized technical support and policy lifecycle administration, coupled with a broad distribution network of retail and wholesale brokers. We have been diligently servicing our valued clients and trading partners in North America, the UK, Europe and Asia Pacific since our establishment in 2010. To learn more, please visit ryanspecialtyum.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251203149623/en/

Media
Alice Phillips Topping
SVP, Chief Marketing & Communications Officer
Ryan Specialty
Alice.Topping@ryanspecialty.com
(312) 635-5976

Investor Relations
Nicholas Mezick
VP, Investor Relations
Ryan Specialty
IR@ryanspecialty.com
(312) 784-6152

Source: Ryan Specialty

Key Terms

MGU technical

A Managing General Underwriter (MGU) is a specialist firm given authority by an insurance company to create, price and issue insurance policies on its behalf. For investors, an MGU can speed growth and improve profit margins by acting like a trusted local franchise that brings underwriting expertise, customer access and efficiency without the insurer adding as much staff or capital, but it also concentrates risk through that third party.