Specialist Risk Group (SRG), a UK-based insurance intermediary owned by Warburg Pincus and Temasek, has announced its expansion into the Asia-Pacific region.
As part of this move, SRG will acquire HL Suntek Insurance Brokers Pte Ltd (HL Suntek), a Singapore-based insurance broker.
The acquisition, which is subject to regulatory approvals and other standard conditions, signals SRG’s first step toward establishing a presence in Asia.
SRG’s entry into the region will be based in Singapore, positioning the company to leverage the city-state’s role as a regional insurance hub.
The company plans to replicate its UK business model, which focuses on providing specialised insurance solutions for complex risks.
HL Suntek, led by managing director Lim Eng Thiam, has developed a reputation for delivering tailored insurance services in Singapore.
Its integration into SRG is seen as a strategic move to deepen local expertise and expand the group’s footprint in the region.
Warren Downey, group CEO of SRG, highlighted the significance of the acquisition in SRG’s international growth strategy.
“The launch of SRG in Asia-Pacific and the acquisition of HL Suntek is a pivotal moment in SRG’s journey of international growth,” he said. “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.”
He confirmed that the company has major plans to “build a business in Asia for Asia,” focusing on local talent and capability.
Lim Eng Thiam, who has spent most of his career with HL Suntek under Hong Leong Holdings, said he and his team are looking forward to joining the rapidly growing SRG.
Reflecting on his time with HL Suntek, he said: “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 bolster its efforts in Asia-Pacific, SRG has appointed Chua Eng Leong as non-executive director for its Singapore operations.
Chua’s experience in the region’s insurance sector will support SRG in navigating the complexities of the Asian market as it seeks to build a regional business focused on specialist insurance and local talent development.
