HGGC to acquire UK-based insurance broker Specialist Risk Group
By Megha Bhattacharya
UK-based specialist insurance broker Specialist Risk Group (SRG) today announced that it has signed an agreement to be acquired by US-based private equity firm HGGC. SRG’s management team will invest alongside HGGC and continue to hold a significant stake in the business. The private transaction is expected to close in Q1 2021, subject to regulatory approval.
“We are delighted to partner with HGGC, a firm that is completely aligned with our values as a culture and people-driven company,” said Warren Downey, SRG Group CEO. “We share a common ethos and expansive ambition, and I am tremendously excited for the next chapter of the SRG story. I would like to thank the team at Pollen Street for their support of the business through this foundational stage of Specialist Risk Group’s history.”
Based in Palo Alto, HGGC aims to offer industry knowledge, deep M&A capabilities and strong operational and financial resources to support SRG’s ambitions. “The team at SRG has a unique and impressive set of insurance distribution capabilities. We are thrilled to pair our industry knowledge with their expertise to help grow SRG organically and through acquisition,” said Neil White, Partner at HGGC.
SRG was formed by Pollen Street Capital through the acquisition of Miles Smith in 2018 and The Underwriting Exchange in 2019. HGGC was advised by Evercore and Kirkland & Ellis and Pollen Street was advised by Macquarie Capital and Proskauer.
“SRG has been an outstanding investment and a great example of Pollen Street’s track record of investing in high growth specialists in the financial and business services sectors,” added Ian Gascoigne, Partner at Pollen Street Capital. “We have enjoyed a great partnership with Warren and the team and believe that HGGC is a great partner to support the business to achieve its considerable potential.”
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