This move, first announced in May, is expected to propel SRG into its next growth phase. Credit: ARMMY PICCA/Shutterstock.

US private equity house Warburg Pincus and Singaporean investment company Temasek have closed the deal to acquire a majority stake in UK-based insurance intermediary Specialist Risk Group (SRG).  

This move, announced in May, is expected to propel SRG into its next growth phase, with the company employing more than 600 staff and managing premiums in excess of £1bn ($1.34bn). 

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SRG did not disclose the financial details of the transaction; however, Bloomberg‘s report in May, citing unnamed sources, said the deal values SRG at more than £1bn including debt.  

With regulatory approvals in place, SRG aims to leverage this investment to speed up its growth, enhance its specialist capabilities and continue delivering service in complex risk sectors. 

SRG’s CEO Warren Downey and deputy CEO Lee Anderson have led the company since January 2020, overseeing significant organic and inorganic growth.  

As per the broker, this partnership is a cornerstone in its journey, offering financial support and strategic guidance from Warburg Pincus and Temasek.  

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The investment will facilitate SRG’s expansion, particularly in Europe and Asia, according to Bloomberg. 

Downey said: “Securing Warburg Pincus and Temasek as our investment partners is not just an endorsement of our business model but a significant milestone that will shape the future of Specialist Risk Group. This partnership brings greater firepower and a strategic edge, enabling us to move decisively through the next chapter of our growth journey.  

“Our vision is to continue our people and culture obsession and specialist orientation whilst expanding internationally. With the support of Warburg Pincus and Temasek, we are uniquely positioned for the next chapter of the SRG story.” 

Warburg Pincus managing director James O’Gara said: “We are delighted to partner with the talented management team at Specialist Risk Group. SRG’s distinctive focus on specialist and complex insurance, and its unique people and culture approach, sets it apart.  

“We believe our investment alongside Temasek will help to cement SRG’s leading position in the UK, and creates a platform to expand internationally.” 

Meanwhile,  last month, SRG acquired Capulus, a motor fleet specialist based in Wales.  

This acquisition enhanced SRG’s motor fleet underwriting expertise, with Capulus providing customised solutions to broker partners in niche motor fleet sectors including haulage, courier services, self-drive hire, own goods and passenger transport.