Warburg Pincus and Temasek acquire British insurance intermediary SRG

The British insurance intermediary Specialist Risk Group (SRG) is being acquired by private equity investors Warburg Pincus and Singapore's Temasek. The financial terms of the transaction have not been disclosed, but Bloomberg sources estimate the company's value, including debt, at over £1 billion. The SRG management team will retain significant involvement in the company and will invest alongside the new partners. The acquisition is expected to facilitate SRG's expansion into new international markets, particularly in Europe and Asia. Previous supporter HGGC had engaged Evercore to oversee the sale process. Since its founding in January 2020 under the leadership of CEO Warren Downey and Deputy CEO Lee Anderson, SRG has experienced both organic and inorganic growth. The company now employs over 600 people and brokers premiums exceeding £1 billion. James O'Gara, Managing Director at Warburg Pincus, expressed enthusiasm for the partnership: "We have been following SRG's development with great interest for years and are very excited to collaborate with this talented team. We believe SRG has all the necessary ingredients – talent, skills, and culture – to further establish its position as a leading intermediary in Europe and internationally." Downey added: "We are thrilled to be working with such outstanding investors as Warburg Pincus and Temasek. They are the ideal partners to provide us with the support and strength we need for our next exciting growth phase." The transaction is subject to customary closing conditions. In December 2023, SRG also agreed to acquire CBC, an insurance broker and subsidiary of Paladin Holdings. This marked SRG's 19th acquisition and the sixth in 2023, expanding the company's portfolio in the UK, Ireland, and globally. Additionally, 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.