HGGC to acquire specialist insurance broker Specialist Risk Group
UK-based specialist insurance broker Specialist Risk Group (SRG) has agreed to be acquired by US-based middle-market private equity firm HGGC for an undisclosed price.
Specialist Risk Group’s management team will invest alongside the private equity firm and continue to have a considerable stake in the business.
Neil White – Partner at HGGC said: “The team at SRG has a unique and impressive set of insurance distribution capabilities. We are thrilled to pair our industry knowledge with their expertise to help grow SRG organically and through acquisition.”
With operations across the UK and globally, Specialist Risk Group is an integrated group of insurance intermediaries, which arranges specialist insurance for corporates.
The specialist insurance broker is said to cater to more than 18,000 end policyholders across various lines of business, besides having expertise in creating solutions to risk transfer questions that are challenging.
As part of the deal, Pollen Street Capital, an existing investor of Specialist Risk Group, will exit the business.
Pollen Street Capital had formed Specialist Risk Group via the acquisition of Miles Smith in 2018 and The Underwriting Exchange last year.
Warren Downey – Specialist Risk Group CEO said: “We are delighted to partner with HGGC, a firm that is completely aligned with our values as a culture and people-driven company.
“We share a common ethos and expansive ambition, and I am tremendously excited for the next chapter of the SRG story. I would like to thank the team at Pollen Street for their support of the business through this foundational stage of SRG’s history.”
The deal, which is subject to regulatory approval, is expected to close in Q1 2021.
HGGC also has a majority stake in Davies Group, a UK-based specialist professional services and technology company that caters to the insurance industry.