Specialist Risk Group launches in Asia Pacific and announces the acquisition of HL Suntek from Hong Leong Holdings in Singapore
LONDON, UK – 15 October 2024 – Specialist Risk Group (SRG), the fast-growing specialist insurance intermediary, majority-owned by Warburg Pincus and Temasek, announces their launch in Asia Pacific, marking its expansion into the region. Based in Singapore, the premier insurance hub for Asia, SRG will follow closely the successful UK business model it is known for—a specialist, people and culture focussed insurance group with deep expertise in complex risk solutions.
As the first part of its ambitious expansion plans, SRG has, through its newly established subsidiary in Singapore, signed a definitive agreement to acquire HL Suntek Insurance Brokers Pte. Ltd. (HL Suntek), a leading Singapore-based insurance broker, subject to customary closing conditions, including the necessary regulatory approvals being obtained. HL Suntek, led by Managing Director, Lim Eng Thiam, has built a strong reputation for providing specialist insurance solutions and exceptional client service. This acquisition is a key move in SRG’s strategy to build a strong regional presence, leveraging local expertise and a client-centric approach to serve local markets.
Warren Downey, Group CEO of Specialist Risk Group, commented:
“The launch of SRG in Asia Pacific and the acquisition of HL Suntek is a pivotal moment in SRG’s journey of international growth. I have known Eng Thiam for more than 10 years and he has built an impressive and robust business in Singapore – the Asia insurance hub. We have great plans for building a business in Asia for Asia which is very much focused on local talent and local capability.”
Lim Eng Thiam, Managing Director of HL Suntek said:
“My team and I are excited to be joining the fast-growing Specialist Risk Group. I have been with HL Suntek, which is part of the Hong Leong Holdings Group, for the majority of my career and wish to express my gratitude for their support and partnership over the years and I look forward to continuing to serve them in the future.”
To support the growth and strategic direction of SRG in Asia Pacific, SRG has appointed Chua Eng Leong as Non-Executive Director of its newly established subsidiary in Singapore. Eng Leong’s deep understanding of the intricacies of the Asian market and extensive leadership experience in the region make him a valuable asset to SRG’s expansion efforts. Eng Leong’s expertise will be critical as SRG navigates the complexities of building a people-focussed, specialist insurance business in Asia.
This expansion into Asia Pacific underscores SRG’s broader international strategy as it continues to grow its presence in key global markets, east of London, while maintaining its commitment to being a people and culture focussed, specialist insurance group.
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