News
Specialist Risk Group secures Warburg Pincus and Temasek as new major investor partners May 21, 2024
London, UK – 21 May 2024 – 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, the global growth investor, and Temasek, the 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 were advised by Macquarie (financial advisor) and Freshfields (legal advisor). Management were 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
Notes to Editors
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.