Specialist Risk Group (SRG) has entered into an agreement to acquire CBC Partnership (CBC), a London-based insurance intermediary, pending regulatory approvals.
This acquisition marks SRG's 19th and its 6th in 2023, demonstrating a continued expansion strategy. CBC, known for its expertise in professional lines, is set to complement SRG’s existing capabilities in this area, adding to its portfolio of specialist businesses in the UK, Ireland, and internationally.
Under the terms of the agreement, the CBC team, comprising 100 professionals, will continue operating under the leadership of Chairman Andrew Wallas and CEO Robert Cottingham from its City of London headquarters. CBC is expected to retain its brand identity post-acquisition.
“We are thrilled to welcome CBC to join us in the next chapter of the SRG story. CBC is a fantastic business, and its culture and specialisms perfectly align with us at SRG. We are excited to work with Chairman Andrew Wallas and CEO Rob Cottingham and we warmly welcome our new colleagues from CBC and look forward to working together on what will be an exciting future for our business,” SRG Group CEO Warren Downey said.
Lee Anderson, deputy CEO of SRG, also shared his perspective on the acquisition, emphasising the shared values between SRG and CBC, particularly in their commitment to team appreciation.
“This is a quality we share with CBC, and something that we have spoken about together over the last year. CBC are innovators, growing their business through well considered organic growth, and embracing specialism. We feel confident that together we have the potential to do brilliant things and we are honoured that Andrew Wallas, Rob Cottingham and the rest of the CBC team have trusted SRG as the new home for their business,” Anderson said.
From CBC's standpoint, chairman Andrew Wallas reflected on the journey and achievements of CBC Partnership under the leadership of CEO Rob Cottingham. He emphasised the importance of finding a partner that aligns with CBC's values and culture.
“It was incredibly important that we chose a future home for CBC with care, to find a partner aligned with our values,” Wallas said. “When we first started speaking to SRG we weren’t considering selling CBC, however, we quickly realised the synergy between the two businesses.
“We admire the growth that SRG has achieved since its launch, whilst remaining committed to its people. We are looking forward to this next stage for CBC, and with the support of SRG, our team will continue to access outstanding opportunities from which our clients and partners will also benefit.”
The firm’s fifth deal of the year was its acquisition of Cheshire Insurance Brokers (CIB), a Northwest-based company that arranges tailored insurance programs and is recognised for providing insurance solutions to recruitment agencies internationally.
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