SRG, a UK-based insurance intermediary, has entered a definitive agreement for acquisition by private equity investor Warburg Pincus and Singapore’s Temasek.
While the financial terms were not publicly disclosed, Bloomberg sources estimate that the deal values SRG at more than £1bn, including debt.
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SRG’s management team will retain a significant stake in the business, investing alongside Warburg Pincus and Temasek.
The acquisition is expected to facilitate SRG’s expansion into new international markets, particularly in Europe and Asia.
SRG’s previous backer, HGGC, had appointed Evercore to manage a selective sales process.
Since its inception in January 2020, under group CEO Warren Downey and group deputy CEO Lee Anderson, SRG has experienced both organic and inorganic growth.
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By GlobalDataThe company now has more than 600 employees and places premiums exceeding £1bn.
Warburg Pincus managing director James O’Gara said: “We have been following SRG’s progression over the past few years with keen interest, and are delighted to partner with the business and its very talented team on their next stage of growth. As active and experienced investors into insurance businesses globally, we believe SRG has all the right ingredients – talent, capabilities and culture – to build on its position as a true standout amongst European and international intermediaries.”
Downey added: “We are thrilled to be partnering with such outstanding investors as Warburg Pincus and Temasek. They are ideal partners who will provide the support and firepower we need as we embark on the next exciting stage of our growth journey.”
The deal is subject to customary closing conditions.
In December 2023, SRG agreed to acquire CBC, an insurance broker and subsidiary of Paladin Holdings.
This marked SRG’s 19th acquisition and its sixth in 2023, enhancing its portfolio in the UK, Ireland and globally.
Furthermore, in September 2023, SRG launched a new division, Specialist Risk Entertainment Media and Sport, to serve the global entertainment, media and sports sectors, leveraging the company’s existing distribution channels.
