BP Marsh agrees to sell stake in Canada-based SSRU
By Josh White
Date: Tuesday 28 Oct 2025
(Sharecast News) - BP Marsh & Partners said on Tuesday that it has agreed to sell its 28.2% stake in Stewart Specialty Risk Underwriting (SSRU), a Toronto-based managing general underwriter, to Ryan Specialty for net cash proceeds of CAD 51.9m (£27.8m), delivering an internal rate of return of nearly 90%.
The AIM-traded firm said the sale represented a £4.9m, or 21%, uplift from the group's most recent valuation of SSRU as at 31 July.
Founded in 2016 by Stephen Stewart, SSRU provides specialist commercial insurance products across Canada and had become one of the country's leading independent underwriting platforms, BP Marsh said.
"SSRU has been an outstanding performer within our portfolio, delivering significant growth and value creation," said chief investment officer Dan Topping.
"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."
The company first invested in the business in January 2017 as a start-up, taking a 30% equity stake for a nominal amount and providing a CAD 0.85m loan facility, which was fully repaid in 2021.
It said its income from the investment totalled around £0.7m in the year ended 31 January 2025.
In addition to the upfront consideration, a performance-related deferred payment of up to CAD 24m could be payable to SSRU's existing shareholders in early 2026, subject to the company's performance to 31 December 2025.
"BP Marsh has been a true partner to SSRU since I founded the business, providing strategic guidance and confidence as we established ourselves in a competitive marketplace," commented SSRU founder and chief executive Stephen Stewart.
"Their belief in our vision helped us grow from a start-up into one of Canada's leading specialty underwriting agencies.
"Joining Ryan Specialty marks an exciting new chapter for SSRU.
"Their global reach, resources and shared entrepreneurial culture will enable us to accelerate our growth, expand our product offering and continue delivering exceptional value to our clients and partners across Canada."
BP Marsh said it intended to use the proceeds to pursue new and follow-on investments across its portfolio and within the wider financial services sector, maintaining its focus on early-stage businesses in insurance, underwriting and advisory markets in the UK and internationally.
The company said it would also continue its capital allocation policy, balancing dividend payments and potential share buybacks with maintaining sufficient liquidity to fund new opportunities.
At 1356 GMT, shares in BP Marsh & Partners were up 2.27% at 677p.
Reporting by Josh White for Sharecast.com.
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