Insurance intermediary SRG has acquired NW Re, a specialist reinsurance company, to bolster its underwriting capabilities and broker services.
This latest deal is part of SRG’s plan to focus on the broker and underwriting intermediary market by investing in specialist underwriting capabilities and technical expertise.
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NW Re, founded in 2020 by Neil Wallis, Neil Walker and Tallis Kemp, specialises in property facultative reinsurance and excess of loss insurance.
The company caters to various sectors such as retail, manufacturing, offices, real estate and leisure.
NW Re co-founder Neil Wallis said: “We are delighted to be joining Specialist Risk Group and to be working alongside our new colleagues at MX. From the outset, we have always maintained the goal of providing reliable, tailored reinsurance solutions in the UK market.
“Partnering with SRG now enables us to bring our expertise to a wider audience and to work within a group that totally shares our commitment to specialty insurance. We look forward to providing even greater value to our broker partners working in partnership with our new colleagues from SRG and the MX team.”
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By GlobalDataFollowing the acquisition, NW Re’s team will integrate with SRG’s underwriting unit, MX.
Subsequently, SRG plans to create a “one-stop shop” for specialist underwriting offerings for its broker partners.
Specialist Risk Group group deputy CEO Lee Anderson said: “The NW Re team has built a brilliant business that perfectly complements our focus on providing specialist solutions for brokers and their clients. There is no doubt that the NW Re team will add significant value to MX’s capability as we continue to expand our specialisms and deliver even more value for our broker partners.”
SRG, which is majorly owned by investment firms Warburg Pincus and Temasek, forayed into the Asia-Pacific market in October this year with a new subsidiary in Singapore.
The company’s entry into Asia-Pacific has been marked by its acquisition of HL Suntek Insurance Brokers.
