British insurance intermediary Specialist Risk Group (SRG) has expanded its managing general agent (MGA) capabilities by acquiring Capulus, a motor fleet specialist.
The acquisition of Capulus will boost SRG’s motor fleet underwriting expertise.
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While the financial details of the transaction remain undisclosed, the move positions SRG’s MGA pillar, MX, as a key player in the UK and Ireland’s insurance market.
Capulus, headquartered in Wales, provides bespoke solutions to broker partners.
It operates within niche trades of the motor fleet sector, offering specialised insurance solutions for various areas such as haulage and courier, self-drive hire, own goods and passenger transport.
The business is regulated by the Financial Conduct Authority.
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By GlobalDataCapulus’ 21-member team will now become part of SRG’s MX.
Capulus directors Darren Ovenden and Kevin Smith said: “Joining SRG and MX is an exciting new chapter for Capulus. We are proud of what the team has achieved so far and believe that, with SRG’s support, we can take our proposition to the next level.
“This partnership will accelerate our growth and enable us to offer even more robust solutions to our UK broker partners.”
SRG serves more than 50,000 policyholders through various lines of specialist business.
This acquisition follows SRG’s recent deal to acquire ongoing renewal rights from London-based Morton Insurance Brokers, which caters to the private hire and taxi industry.
SRG group deputy CEO Lee Anderson said: “Darren, Kevin and their team have built an incredibly well-run and profitable business, and I have genuinely enjoyed getting to know them throughout the acquisition process.
“The culture and approach of the business are a natural fit with ours. This partnership is a key milestone in our journey to bring together like-minded teams who are committed to delivering exceptional service and support to our broker partners across the UK and Ireland.”
