Specialist Risk Group (SRG), an insurance intermediary majority-owned by Warburg Pincus and Temasek, has announced its expansion into the Asia Pacific (APAC) region and its plans to acquire HL Suntek Insurance Brokers Pte. Ltd. (HL Suntek).
Based in Singapore, SRG will closely follow its successful UK business model—an insurance group with a strong focus on people, culture, and expertise in complex risk solutions.
Through its newly established subsidiary in Singapore, SRG has signed a definitive agreement to acquire HL Suntek, a leading insurance broker in Singapore, pending customary closing conditions.
Led by Lim Eng Thiam, HL Suntek is recognised for its specialised insurance solutions and excellent client service.
This acquisition is a key step in SRG’s strategy to build a strong regional presence by leveraging local expertise and a client-centred approach to serve the APAC market.
Warren Downey, SRG Group CEO, said, “The launch of SRG in Asia Pacific and the acquisition of HL Suntek is a pivotal moment in SRG’s journey of international growth. I have known Eng Thiam for more than 10 years and he has built an impressive and robust business in Singapore – the Asia insurance hub. We have great plans for building a business in Asia for Asia which is very much focused on local talent and local capability.”
Lim Eng Thiam, Managing Director of HL Suntek, commented, “My team and I are excited to be joining the fast-growing Specialist Risk Group. I have been with HL Suntek, which is part of the Hong Leong Holdings Group, for the majority of my career and wish to express my gratitude for their support and partnership over the years and I look forward to continuing to serve them in the future.”
To support its growth in the APAC region, SRG has appointed Chua Eng Leong as Non-Executive Director of its Singapore subsidiary. His deep understanding of the Asian market and extensive leadership experience will be crucial as SRG builds its specialist, people-focused insurance business in the region.
This expansion into Asia-Pacific aligns with SRG’s broader international strategy to grow its presence in key global markets while maintaining its commitment to being a people- and culture-focused specialist insurance group.
