Specialist Risk Group (SRG), a UK-based insurance intermediary, has officially launched its operations in the Asia-Pacific region, setting up a regional base in Singapore as part of its broader global expansion strategy.
Backed by Warburg Pincus and Temasek, the group is entering the region with a focus on complex and specialty risk solutions.
The firm will use Singapore as its operational headquarters to develop insurance offerings for markets across Asia Pacific, targeting hard-to-place risks across property and casualty, specialty lines, and employee benefits.
The move aligns with projected growth in Singapore’s general insurance market. A report from GlobalData estimates that the sector’s gross written premiums (GWP) will reach US$8.1 billion by 2029, up from US$6 billion in 2024, representing a compound annual growth rate of 6.2%.
According to GlobalData, health-related coverage is expected to lead the market in 2024, comprising 23.5% of total GWP. Premium increases and higher healthcare costs are expected to support continued growth in the segment, particularly following recent adjustments to the MediShield scheme, which will raise premiums by up to 35% starting April 2025.
SRG formally marked its entry with an event held on March 21 at the Mandarin Oriental hotel in Singapore, attended by about 250 people from the insurance and financial services sectors.
Leading the regional operations is Collin Yap (pictured centre), CEO for Asia Pacific. He said the company’s entry represents a significant strategic move to replicate its existing model in a new geography.
“Our vision is simple: To make SRG the go-to broker and risk advisor for hard-to-place risk – the ones you turn to when the risk is difficult, complex, and requires specialist expertise. We are building on SRG’s proven success in the UK and Ireland, taking that specialist mindset, and just as importantly, the entrepreneurial spirit and people-first culture, and bringing it into this region,” he said.
Warren Downey (pictured second from left), SRG group CEO, described Singapore as a practical choice for the regional office, citing the city-state’s position as a financial and insurance hub.
“When we launched SRG, our conviction was that there was a gap in the market for a people- and culture-focused specialist – a company where people would want to come, give their best, and build something of scale and relevance. Singapore was the obvious choice for our Asia Pacific base – a global hub in an increasingly complex world. And if Singapore was the natural choice, then Collin Yap was the natural leader. We share a vision to build a company we’re proud to tell our friends and families about – one grounded in decency, respect, and service,” he said.
