’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,’ says group chief executive
Broker Specialist Risk Group (SRG) has been acquired by Singapore-based Temasek Holdings and New York-based Warburg Pincus.
According to Bloomberg, the two international growth investors will put in over £1bn alongside SRG’s management team, who will maintain a significant stake in the business following the departure of former backer HGGC.
SRG was launched in January 2020 by group chief executive Warren Downey and group deputy chief executive Lee Anderson and places premiums of more than £1bn.
Downey commented: “We are thrilled to be partnering with such outstanding investors as Warbug 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.”
Downey also thanked California-based HGGC for its support over the previous three years, noting that its involvement had “played a significant role in SRG becoming what it is today”.
The closing of the deal remains subject to regulatory approvals.
Subhead
In the most recent Insurance Times Top 50 Brokers Report, SRG placed 27th with revenue of £67.6m.
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Commenting on its investment in the broker, Warburg Pincus managing director James O’Gara 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.”
A HGGC statement added: ”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.”
- Insurance Times has contacted SRG for further comment.
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