Reinsurance News

Specialist Risk Group to be acquired by PE firm HGGC

21st December 2020 - Author: Luke Gallin

Insurance brokerage Specialist Risk Group (SRG) has signed a definitive agreement to be acquired by HGGC, a leading middle-market private equity firm.

Under the terms of the agreement, SRG’s management team will invest alongside HGGC and continue to hold a significant stake in the business. The deal also sees existing investor, Pollen Street Capital, exit the business.

Pollen Street Capital formed SRG via the acquisition of Miles Smith in 2018 and The Underwriting Exchange in 2019. Under the leadership of Group Chief Executive Officer (CEO), Warren Downey, SRG is positioned for rapid organic and acquisition-based growth.

Downey commented: “We are delighted to partner with HGGC, a firm that is completely aligned with our values as a culture and people-driven company. 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 SRG’s history.”

HGGC is based in Palo Alto, California, and brings substantial industry knowledge, M&A capabilities and strong operational and financial resources to support SRG’s ambitions.

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HGGC is the majority investor in Davies Group, a London-based specialist professional services and technology firm serving the insurance sector.

Neil White, Partner at HGGC, commented: “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.”

Ian Gascoigne, Partner at Pollen Street Capital, added: “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.

“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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