The deal is aimed at developing expertise in specialist insurance areas. Credit: Fit Ztudio/Shutterstock.

UK-based insurance broker Specialist Risk Group (SRG) has acquired terrorism insurance specialist Tristar Special Risks for an undisclosed sum. 

Tristar Special Risks brings to SRG expertise in covering commercial and residential risks including those related to political and religious properties.  

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This acquisition is part of SRG’s strategy to expand its managing general agent, MX, launched in 2021.  

It is also aimed at developing expertise in specialist insurance areas. 

SRG group deputy CEO Lee Anderson said: “We first engaged with James and the Tristar team at the SRG Market Briefing in January 2020. It was clear at the time that both businesses shared the same ambitions and were culturally aligned. Today marks the moment when we join forces and look forward to an exciting future working together. 

“Tristar Special Risks is a great example of what SRG looks for in the ideal team and business. They have deep expertise and credibility in their specialist area, and I know that they will go from strength to strength from being part of SRG”. 

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Tristar Special Risks managing director James Woolerton said: “Joining Specialist Risk Group marks a significant milestone for Tristar Special Risks and brings exciting opportunities for our broker partners.  

“With SRG’s infrastructure and market presence, we look forward to improving all aspects of our offerings; continuing to provide best-in-market terrorism insurance solutions and providing the unique and market-leading levels of innovation, flexibility, collaboration and expertise our brokers value so highly.” 

Last week, SRG purchased Strategic Insurance Services Limited (SISL), a broker with a focus on specialist schemes. 

SISL, with its roots in West Sussex, UK, since 1997, has built a network with insurers, brokers and financial service clients, extending SRG’s reach across Europe.  

The deals follow Warburg Pincus and Temasek’s investment in SRG in May this year to drive its growth in new markets, with a focus on Europe and Asia. 

In December 2023, SRG reached an agreement to buy insurance broker CBC, expanding operations in the UK and Ireland.