28.2%
Shareholding % prior to disposal
89.8%
Internal Rate of Return since 2017
£27.8m
Realised sale proceeds
”SSRU has been an outstanding performer within our portfolio, delivering significant growth and value creation.
Dan ToppingChief Executive Officer of B.P. Marsh
This success is a testament to the vision and leadership of Stephen Stewart and his team, who have built a business with a strong culture of underwriting discipline and client focus.
The sale represents an excellent return for our shareholders and reflects our strategy of partnering with exceptional management teams to build market-leading businesses.
We are confident that Ryan Specialty will be an excellent home for SSRU and that the business will continue to thrive.
- Stewart Specialty Risk Underwriting Ltd. (“SSRU”) is a Toronto-based Managing General Underwriter, providing specialty commercial insurance products across Canada through a leading independent underwriting platform.
- P. Marsh initially invested in SSRU in January 2017, acquiring a 30% stake for a nominal consideration, alongside providing a loan facility of CAD $850,000 (£490,000), which was fully repaid in 2021.
- Sold its 28.2% stake in SSRU for CAD $51.9m (£27.8m) cash consideration (net of transaction costs) to Ryan Specialty, LLC.
- Sale reflects a £4.9m uplift (21%) from the previous valuation as at 31 July 2025.
- Achieved an Internal Rate of Return (IRR) of 89.8% on the investment.
- A further performance-related deferred consideration of up to CAD $24m is payable to SSRU’s existing shareholders in 2026, subject to SSRU’s financial performance for the year ending 31 December 2025.
- Since its initial investment, B.P. Marsh has supported SSRU’s development into a leading independent underwriting platform across Canada.
- The investment and successful exit from SSRU demonstrate B.P. Marsh’s strategy of backing early-stage financial services businesses and delivering strong returns for shareholders.
