US non-public fairness home Warburg Pincus and Singaporean funding firm Temasek have closed the deal to accumulate a majority stake in UK-based insurance coverage middleman Specialist Threat Group (SRG).
This transfer, introduced in Might, is anticipated to propel SRG into its subsequent development part, with the corporate using greater than 600 workers and managing premiums in extra of £1bn ($1.34bn).
SRG didn’t disclose the monetary particulars of the transaction; nevertheless, Bloomberg‘s report in Might, citing unnamed sources, stated the deal values SRG at greater than £1bn together with debt.
With regulatory approvals in place, SRG goals to leverage this funding to hurry up its development, improve its specialist capabilities and proceed delivering service in complicated threat sectors.
SRG’s CEO Warren Downey and deputy CEO Lee Anderson have led the corporate since January 2020, overseeing important natural and inorganic development.
As per the dealer, this partnership is a cornerstone in its journey, providing monetary assist and strategic steerage from Warburg Pincus and Temasek.
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The funding will facilitate SRG’s enlargement, significantly in Europe and Asia, in keeping with Bloomberg.
Downey stated: “Securing Warburg Pincus and Temasek as our funding companions isn’t just an endorsement of our enterprise mannequin however a big milestone that may form the way forward for Specialist Threat Group. This partnership brings higher firepower and a strategic edge, enabling us to maneuver decisively by way of the subsequent chapter of our development journey.
“Our imaginative and prescient is to proceed our folks and tradition obsession and specialist orientation while increasing internationally. With the assist of Warburg Pincus and Temasek, we’re uniquely positioned for the subsequent chapter of the SRG story.”
Warburg Pincus managing director James O’Gara stated: “We’re delighted to associate with the gifted administration crew at Specialist Threat Group. SRG’s distinctive concentrate on specialist and sophisticated insurance coverage, and its distinctive folks and tradition strategy, units it aside.
“We imagine our funding alongside Temasek will assist to cement SRG’s main place within the UK, and creates a platform to increase internationally.”
In the meantime, final month, SRG acquired Capulus, a motor fleet specialist based mostly in Wales.
This acquisition enhanced SRG’s motor fleet underwriting experience, with Capulus offering customised options to dealer companions in area of interest motor fleet sectors together with haulage, courier providers, self-drive rent, personal items and passenger transport.
