UK broker consolidator Specialist Risk Group (SRG), which secured investment from private equity firm HGGC in December, has unveiled its second acquisition of the year with a deal for GB Underwriting.
The acquisition of GB Underwriting, an MGA providing property and liability solutions to the UK broker market, follows last week’s acquisition of UK equestrian specialist KBIS.
SRG said the latest deal adds to the build-out of its MGA capabilities and expands its current offering for UK brokers.
Warren Downey, group CEO of SRG, said developing a market-leading MGA capability is a “central element” of the insurance intermediary’s strategy.
“We expect to make further progress in this area during 2021,” he said.
Lee Anderson, CEO of Specialist Risk Underwriting Solutions, said the deal “reinforces the group’s commitment to our broker partners by providing them access to wider market opportunities and specialist solutions”.
Silicon Valley-based private equity firm HGGC acquired a majority stake in SRG in December, with existing investor Pollen Street Capital exiting the business.
Pollen Street Capital had founded SRG through the acquisition of London market and regional broker Miles Smith Insurance Brokers in 2018, which was followed by the acquisition of The Underwriting Exchange the following year.