LONDON, May 21, 2024
/PRNewswire/ -- Specialist Risk Group ("SRG"), the fast-growing,
people and culture focussed, specialist insurance intermediary has
today announced that it has signed a definitive agreement to be
acquired by Warburg Pincus, a leading global growth investor, and
Temasek, a global investor. Closing is subject to customary closing
conditions, including regulatory approvals. SRG's management team
will invest alongside Warburg Pincus and Temasek and will continue
to hold a significant stake in the business.
SRG was launched in January 2020
under the leadership of Group CEO Warren
Downey and Group Deputy CEO Lee
Anderson and currently employs over 600 people and places
premiums of more than £1 billion. A combination of strong organic
growth and a series of strategic investments and acquisitions has
seen SRG grow dramatically into the natural home for specialist
people and businesses since its inception.
Warburg Pincus and Temasek are both world class investors
in their own right who will support the realisation of SRG's growth
ambitions and its strategy.
James O'Gara, Managing Director,
Warburg Pincus, said:
"We've been following SRG's progression over the past few years
with keen interest and are delighted to partner with the business
and its very talented team on their next stage of growth. As active
and experienced investors into insurance businesses globally, we
believe SRG has all the right ingredients – talent, capabilities,
and culture – to build on its position as a true standout amongst
European and international intermediaries. We look forward to
working with the team and Temasek to help realise that
potential.''
Warren Downey, SRG Group CEO,
said:
"We are thrilled to be partnering with such outstanding
investors as Warburg Pincus and Temasek. They are ideal partners
who will provide the support and firepower we need as we embark on
the next exciting stage of our growth journey.
I would like to take this opportunity to thank HGGC for their
support over the last 3 years, we have thoroughly enjoyed working
with them during this time, and their involvement has played a
significant role in SRG becoming what it is today."
HGGC said:
"We've enjoyed a tremendous partnership with Warren and the SRG
team and seeing them achieve many of the business goals we set
together ahead of schedule has been especially rewarding."
Terms of the transaction were not disclosed. The transaction is
subject to customary closing conditions.
HGGC / SRG were advised by Evercore (financial advisor) and
Kirkland and Ellis (legal advisor). Warburg Pincus was advised by
Macquarie Capital (financial advisor) and Freshfields
Bruckhaus Deringer (legal advisor). Management was advised by
Liberty Corporate Finance and Eversheds (legal advisor).
For press enquiries please contact:
SRG
Russell
O'Connor
russelloconnor@communications4business.co.uk
07760 282 586
Warburg Pincus
Jenna.ward@warburgpincus.com
+44 7570 844 338
About Specialist Risk Group
Specialist Risk Group is an insurance intermediary bridging Retail,
Wholesale, International and Underwriting disciplines. Founded
under the mantra, "Building a company we are proud to tell our
friends and family about" SRG is rapidly becoming natural home for
specialist people and businesses. The business focusses on
specialisms in which it can take a leadership position and now
numbers 640 staff, places premiums of £1bn.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm
has more than $81 billion in assets
under management. The firm's active portfolio of more than 250
companies is highly diversified by stage, sector, and geography.
Warburg Pincus is an experienced partner to management teams
seeking to build durable companies with sustainable value. Since
its founding in 1966, Warburg Pincus has invested more than
$116 billion in over 1,000 companies
globally across its private equity, real estate, and capital
solutions strategies. The firm is headquartered in New York with offices around the globe.
About Temasek
Temasek is a global investment company with a net portfolio value
of S$382 billion (US$287b, £232b) as at 31
March 2023. Its Purpose "So Every Generation Prospers"
guides it to make a difference for today's and future generations.
As an active investor, forward looking institution and trusted
steward, it is committed to deliver sustainable value over the long
term. Temasek has overall corporate credit ratings of Aaa/AAA by
rating agencies Moody's Investors Service and S&P Global
Ratings respectively. Headquartered in Singapore, it has 13 offices in 9 countries
around the world: Beijing,
Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and London, Brussels, Paris, New
York, San Francisco,
Washington DC, and Mexico City outside Asia. For more information on Temasek, please
visit www.temasek.com.sg
About HGGC
HGGC is a values-driven, partnership-focused private investment
firm. The firm's ecosystem of investors, operators, and
professionals are united by the shared mission to develop leading
enterprises and build long term value together. HGGC invests in
technology, business services, financial services and consumer
enterprises generally valued between $200M - $1.5B+. The firm is based in Palo Alto, CA and manages over $6.9 billion in cumulative capital commitments.
Since its inception in 2007, HGGC has completed more than 600
platform investments, add-on acquisitions, recapitalizations, and
liquidity events with an aggregate transaction value of over
$71 billion. More information,
including a complete list of current and former investments, is
available at www.hggc.com.
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SOURCE Specialist Risk Group