Specialist Risk Group acquired in major deal

Acquired firm places premiums of more than £1 billion

Specialist Risk Group acquired in major deal

Insurance News

By Mia Wallace

The fast-growing specialist insurance intermediary Specialist Risk Group (SRG) today announced that it has signed a definitive agreement to be acquired by Warburg Pincus and Temasek. The terms of the transaction were not disclosed.

The deal, which is subject to customary closing conditions, including regulatory approvals, will see SRG's management team invest alongside Warburg Pincus and Temasek and continue to hold a significant stake in the business.

Since launching in January 2020, SRG – which is headed up by group CEO Warren Downey (pictured) and group deputy CEO Lee Anderson – has grown through a blend of organic and inorganic growth to boast a team of over 600 people, placing premiums of more than £1 billion. In a Press release, it was noted that its new investors will support the continued realisation of SGR’s growth ambitions and its strategy.

Commenting on the deal, Downey said SRG is “thrilled” to partner with Warburg Pincus and Temasek.

“They are ideal partners who will provide the support and firepower we need as we embark on the next exciting stage of our growth journey,” he said. “I would like to take this opportunity to thank HGGC for their support over the last three years, we have thoroughly enjoyed working with them during this time, and their involvement has played a significant role in SRG becoming what it is today."

James O'Gara, managing director at Warburg Pincus, said: "We've been following SRG's progression over the past few years with keen interest and are delighted to partner with the business and its very talented team on their next stage of growth.

“As active and experienced investors into insurance businesses globally, we believe SRG has all the right ingredients – talent, capabilities, and culture – to build on its position as a true standout amongst European and international intermediaries. We look forward to working with the team and Temasek to help realise that potential.''

HGGC also commented on the transaction, adding: “We've enjoyed a tremendous partnership with Warren and the SRG team and seeing them achieve many of the business goals we set together ahead of schedule has been especially rewarding.”


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