SRG plans to replicate its UK business model in Singapore. Credit: Worawee Meepian/Shutterstock.

Specialist insurance intermediary Specialist Risk Group (SRG) has forayed into the Asia Pacific market with a new subsidiary in Singapore.

The company plans to replicate its UK business model in Singapore, aiming to offer specialised, people-focused insurance solutions with expertise in complex risk.

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Specialist Risk Group’s entry into Asia Pacific has been marked by its acquisition of HL Suntek Insurance Brokers.

SRG, through its new Singapore unit, has agreed to acquire HL Suntek from Hong Leong Holdings for an undisclosed sum.

Singapore-based HL Suntek Insurance Brokers offers specialist insurance solutions.

SRG calls this deal a “key move” in its plan to establish a robust regional presence. The acquisition is contingent on fulfilment of standard conditions such as regulatory approvals.

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HL Suntek managing director Lim Eng Thiam said: “My team and I are excited to be joining the fast-growing Specialist Risk Group.”

SRG group CEO Warren Downey said: “The launch of SRG in Asia Pacific and the acquisition of HL Suntek is a pivotal moment in SRG’s journey of international growth.

“I have known Eng Thiam for more than 10 years and he has built an impressive and robust business in Singapore – the Asia insurance hub. We have great plans for building a business in Asia for Asia which is very much focused on local talent and local capability.”

In addition, SRG appointed Chua Eng Leong as the non-executive director of its Singapore subsidiary to drive growth and strategic direction in Asia Pacific.

The move into Asia Pacific forms part of SRG’s wider strategy to expand in major markets across the globe. This expansion is backed by Warburg Pincus and Temasek, who have majority ownership in the company.

In September 2024, SRG acquired Capulus, a specialist motor fleet Managing General Agent (MGA) headquartered in Wales.

As part of the deal, Capulus’ team of 21 members will move to SRG’s MGA pillar, MX.