Specialist Risk Group (SRG), a specialist insurance intermediary, yesterday announced that it had signed a definitive agreement to be acquired by Warburg Pincus, a leading global growth investor, and Singapore’s Temasek, a global investor.
SRG’s management team will invest alongside Warburg Pincus and Temasek and will continue to hold a significant stake in the business. SRG’s backer since 2021, HGGC, is relinquishing its stake in the intermediary.
London-headquartered SRG was launched in January 2020 under the leadership of group CEO Warren Downey and group deputy CEO Lee Anderson and currently employs over 600 people and places premiums of more than GBP1bn ($1.27bn).
In its announcement, SRG said that a combination of strong organic growth and a series of strategic investments and acquisitions had seen SRG grow dramatically into the natural home for specialist people and businesses since its inception.
The terms of the transaction were not disclosed. The closing of the deal is subject to customary closing conditions, including regulatory approvals.
Palo Alto-based middle-market private-equity firm HGGC had appointed the financial advisory company Evercore to run a selective sale process.
Mr Warren Downey, SRG Group CEO, said, “We are thrilled to be partnering with such outstanding investors as 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.
“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.”
