Lloyd’s broker offloads specialist team to SRG after strategic review

Lloyd’s broker Tysers has struck a deal to transfer its credit and political risk team to Specialist Risk Group (SRG).

The move will see the team, led by John Lentaigne, assume employment with SRG over time, with all existing policies, ongoing transactions and claims eventually being transferred as well.

Both firms are currently communicating with clients to ensure they are happy with the deal. They have also pledged a “seamless transition”, with them aiming to make the “process as smooth and straightforward as possible”.

Warren Downey, group chief executive at SRG, said: “This is an exciting step forward for SRG and a further clear demonstration of our ambition to build a home for exceptional specialist talent.

“Lentaigne and his team have a first-class reputation in the market and we are proud to welcome them to SRG.”

Strategic review

The deal comes following a strategic review by Tysers of the go forward focus of its business, with it concluding that it wanted to offload its credit and political risk team.

Tysers said SRG was “identified as the ideal long-term home for this team and its clients”.

Tom Wilson, chief executive at Tysers, said: “The decision by Tysers to move away from this area of specialism was made easy by SRG’s willingness to accommodate our world class team and their commitment to invest for the future.

“All clients are in the process of being contacted directly and reassured of our joint effort to provide continuity and minimum disruption.”