Warburg Pincus to acquire Specialist Risk Group

London-based insurance broker Specialist Risk Group has signed a definitive agreement to be acquired by private equity firm Warburg Pincus, and investment company Temasek for ~$1.3 billion. 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 CEO Warren Downey and deputy CEO Lee Anderson and currently employs over 600 people and places premiums of more than £1 billion.

“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.” – James O’Gara, Managing Director, Warburg Pincus.

“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.” – Warren Downey, SRG CEO.