R3 provides insurance solutions in various sectors including UK tourism, charities and overseas aid, and UK military and police. Credit: Zigres/Shutterstock.

Insurance intermediary Specialist Risk Group (SRG), backed by investors Warburg Pincus and Temasek, has acquired R3, a specialist insurance broker.  

This deal represents the 11th acquisition for SRG in 2024 following the integration of other companies such as Stonehatch, Capulus and Anthony James Insurance Brokers. 

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R3 provides insurance solutions in various sectors including UK tourism, charities and overseas aid, and UK military and police.  

It will see R3 become a part of SRG’s retail business, Specialist Risk Insurance Solutions (SRIS), thereby enhancing SRG’s offerings in complex risk areas. 

R3 has devised customised insurance solutions that address clients’ specific needs.  

SRG group deputy CEO Lee Anderson said: “R3’s unique sector experience represents the very essence of SRG’s approach to building specialisms. Their team brings a wealth of industry-specific knowledge, and we look forward to working together to expand our retail offering for UK clients. This partnership strengthens our retail capability and reinforces our commitment to providing clients with the specialist solutions they need to tackle complex and diverse risks.” 

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Rob Proudman of R3 said: “This is an exciting next chapter for R3. SRG’s reputation for investing in and developing industry-leading specialist teams is second to none. We therefore look forward to sharing our expertise with the SRIS team and together, we will continue our mission to serve clients with the highest level of specialism and dedication”. 

Last month, SRG acquired NW Re, a specialist reinsurance company established in 2020 by Neil Wallis, Neil Walker and Tallis Kemp. 

NW Re specialises in facultative reinsurance and excess of loss insurance.