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M&A Deal Summary

Ryan Specialty Group Acquires Stewart Specialty Risk Underwriting

On October 28, 2025, Ryan Specialty Group acquired insurance company Stewart Specialty Risk Underwriting from B.P. Marsh & Partners

Acquisition Highlights
  • This is Ryan Specialty Group’s 24th transaction in the Insurance sector.
  • This is Ryan Specialty Group’s 1st transaction in Canada.
  • This is Ryan Specialty Group’s 1st transaction in Ontario.

M&A Deal Summary
Date 2025-10-28
Target Stewart Specialty Risk Underwriting
Sector Insurance
Buyer(s) Ryan Specialty Group
Sellers(s) B.P. Marsh & Partners
Deal Type Add-on Acquisition
Advisor(s) MarshBerry Capital (Financial)

Target

Stewart Specialty Risk Underwriting

Toronto, Ontario, Canada
Stewart Specialty Risk Underwriting is a Canadian underwriting firm that provides property and casualty insurance products for clients with large-account, high-hazard exposures. The Company offers tailored coverage for risks such as natural resources, manufacturing, construction, public entities, and transportation, and serves clients across Canada. Stewart Specialty Risk Underwriting was founded in 2016 and is based in Toronto, Ontario.

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Buyer(S) 1

Buyer

Ryan Specialty Group

Chicago, Illinois, United States
Category Company
Founded 2010
Sector Insurance
Employees4,401
Revenue 2.5B USD (2024)
DESCRIPTION

Ryan Specialty Group is an international specialty insurance organization, which includes a wholesale brokerage firm (RT Specialty) and an underwriting management organization (RSG Underwriting Managers), comprised of 22 individual underwriting companies. Ryan Specialty Group was formed in 2010 and is based in Chicago, Illinois.

DEAL STATS #
Overall 27 of 27
Sector: Insurance M&A 24 of 24
Type: Add-on Acquisition M&A Deals 22 of 22
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-20 360 Degree Underwriting

Loughrea, Ireland

360 Degree Underwriting is a managing general underwriter specializing in commercial construction that offers products such as latent defects insurance, mechanical and electrical warranties, and construction project insurance, including OCIP. 360 Degree Underwriting was founded in 2017 and is based in Loughrea, Ireland.

Buy -

Seller(S) 1

SELLER

B.P. Marsh & Partners

London, United Kingdom

Investor Investor

Category Private Equity Firm
Founded 1990
Size Middle-Market
Type Sector Focused
DESCRIPTION

B.P. Marsh & Partners is a specialist private equity investor in early stage financial services companies. B.P. Marsh looks to make minority investments of up to £5 million in opportunities based in the UK, Europe, and North America. Specific financial services businesses of interest include insurance intermediaries, asset managers, independent financial advisers, and professional consultants. B.P. Marsh & Partners was formed in 1990 and is based in London.

DEAL STATS #
Overall 8 of 8
Sector: Insurance M&A 7 of 7
Type: Add-on Acquisition M&A Deals 4 of 4
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-01 Devonshire Underwriting

London, United Kingdom

Devonshire Underwriting specialises in transactional risks encompassing Warranty & Indemnity, Specific Tax, and Legal Contingency Insurance. Devonshire Underwriting is based in London, United Kingdom.

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