Ryan Specialty acquiring Toronto-based MGU

Ryan Specialty said on Tuesday it has signed an agreement to acquire Toronto-based managing general underwriter Stewart Specialty Risk Underwriting.

Separately, specialist venture capital investor B.P. Marsh & Partners said it has agreed to the sale of its 28.2% shareholding in Stewart Specialty Risk for CAD $51.9m (£27.8m), net of all transaction costs, to Ryan Specialty.

The transaction is expected to close in the fourth quarter of 2025.

Stewart Specialty Risk, which specializes in underwriting large-account, high-hazard property and casualty insurance, will become a part of the Ryan Specialty Underwriting Managers division of Ryan Specialty.

The acquisition allows Ryan Specialty to expand its Canadian market presence, Tim Turner, CEO, Ryan Specialty, said in a statement.

Founded in 2016 by Stephen Stewart, Stewart Specialty Risk has expertise in coverages for manufacturing, utilities, real estate, construction and oil and gas.

B.P. Marsh first invested in Stewart Specialty Risk as a start up in January 2017, the venture capital group said in its release. Dan Topping, chief investment officer of B.P. Marsh, called Stewart Specialty an “outstanding performer.”

Stewart Specialty Risk generated approximately CAD$18 million ($13 million) of operating revenue for the 12 months ended Sept. 30, 2025.