Ryan Specialty Holdings, Inc. (NYSE: RYAN) completed the acquisition of Stewart Specialty Risk Underwriting Ltd., a Toronto‑based managing general underwriter that specializes in large‑account, high‑hazard property and casualty solutions, on December 3, 2025. The deal adds Stewart’s experienced underwriting team and a portfolio of high‑hazard risks to Ryan’s global specialty platform, reinforcing the company’s strategy of expanding its MGU network and deepening its presence in key geographic regions.
Stewart Specialty generated approximately CAD$18 million (US$13 million) in operating revenue for the 12 months ended September 30, 2025, and the acquisition is expected to broaden Ryan’s product mix and increase underwriting capacity in Canada’s growing high‑hazard market. Ryan’s CEO, Tim Turner, said the transaction “expands our Canadian market presence at scale and brings a disciplined underwriting organization that will strengthen our competitive position in excess and surplus lines.”
The acquisition aligns with Ryan’s recent Q3 2025 results, which saw revenue rise 24.8% year‑over‑year to $754.6 million and net income reach $62.6 million (US$0.20 per diluted share). Ryan’s management highlighted that the deal will accelerate growth in high‑margin segments and provide new revenue streams, while the company’s guidance for full‑year 2025 remains in the double‑digit range for organic revenue growth, albeit with margins expected to stay flat to modestly down due to ongoing investments in talent and technology.
By integrating Stewart’s high‑hazard expertise, Ryan aims to enhance its competitive position in the excess and surplus lines market and to broaden its product offerings for brokers and carriers. The move also supports the company’s broader growth plan, which includes expanding delegated authority and investing in technology to streamline policy issuance and risk management. Management emphasized that the acquisition will strengthen Ryan’s market leadership in specialty insurance and provide a platform for future strategic acquisitions in other high‑growth regions.
Ryan’s board approved the transaction in a meeting held on December 2, 2025, and the deal closed the following day. While the financial terms of the transaction were not disclosed, the acquisition is expected to have a positive impact on Ryan’s long‑term profitability by adding a high‑margin, high‑growth portfolio and by leveraging Stewart’s strong broker relationships.
The acquisition is a significant milestone in Ryan’s strategy to build a global network of MGUs that can deliver specialized coverage to niche markets, positioning the company to capture increasing demand for tailored risk solutions in sectors such as energy, construction, and industrial. The deal underscores Ryan’s commitment to strategic acquisitions as a key driver of long‑term value creation for shareholders.
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