Specialist Risk Group secures Warburg Pincus and Temasek as new major investor partners

London, UK – 21 May 2024 – Specialist Risk Group (“SRG”), the fast-growing, people and culture focussed, specialist insurance intermediary has today announced that it has signed a definitive agreement to be acquired by Warburg Pincus, the global growth investor, and Temasek, the global investor. Closing is subject to customary closing conditions, including regulatory approvals. SRG’s management team will invest alongside Warburg Pincus and Temasek and will continue to hold a significant stake in the business.

SRG was launched in January 2020 under the leadership of Group CEO Warren Downey and Group Deputy CEO Lee Anderson and currently employs over 600 people and places premiums of more than £1 billion. A combination of strong organic growth and a series of strategic investments and acquisitions has seen SRG grow dramatically into the natural home for specialist people and businesses since its inception.

Warburg Pincus and Temasek are both world class investors in their own right who will support the realisation of SRG’s growth ambitions and its strategy.

James O’Gara, Managing Director, Warburg Pincus, said:

“We’ve 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. We look forward to working with the team and Temasek to help realise that potential.’’

Warren Downey, SRG Group CEO, said:

“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.

I would like to take this opportunity to thank HGGC for their support over the last 3 years, we have thoroughly enjoyed working with them during this time, and their involvement has played a significant role in SRG becoming what it is today.”

HGGC, said:

“We’ve enjoyed a tremendous partnership with Warren and the SRG team, and seeing them achieve many of the business goals we set together ahead of schedule has been especially rewarding.”

SRG, The Hub event, comm by Eleanor Bridger

Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions.

HGGC / SRG were advised by Evercore (financial advisor) and Kirkland and Ellis (legal advisor). Warburg Pincus were advised by Macquarie Capital (financial advisor) and Freshfields Bruckhaus Deringer (legal advisor). Management were advised by Liberty Corporate Finance and Eversheds (legal advisor).