Specialist Risk Group (SRG), an insurance intermediary backed by Warburg Pincus and Temasek, has acquired R3, a specialist insurance broker. This marks SRG’s 11th acquisition this year, following earlier purchases including Stonehatch, Capulus, and Anthony James Insurance Brokers.
R3 provides insurance solutions across sectors such as UK tourism, charities and overseas aid, and UK military and police. The company will become part of SRG’s retail division, specialist risk insurance solutions (SRIS), aiming to expand SRG’s capacity to handle complex risks.
“Since its inception, the R3 team has built a strong reputation in the insurance market for developing deep-rooted knowledge in each of its core business areas, a commitment to understanding the unique risks faced by clients in these sectors, and the ability to deliver tailored insurance solutions to meet its clients’ needs,” the news release noted.
Lee Anderson (pictured), group deputy CEO of SRG, described the acquisition as an opportunity to strengthen the group’s specialised offerings.
“R3’s unique sector experience represents the very essence of SRG’s approach to building specialisms,” he said. “Their team brings a wealth of industry-specific knowledge, and we look forward to working together to expand our retail offering for UK clients. This partnership strengthens our retail capability and reinforces our commitment to providing clients with the specialist solutions they need to tackle complex and diverse risks.”
Rob Proudman, of R3, noted the collaboration’s potential to enhance client service: “This is an exciting next chapter for R3. SRG’s reputation for investing in and developing industry-leading specialist teams is second to none. We therefore look forward to sharing our expertise with the SRIS team and, together, we will continue our mission to serve clients with the highest level of specialism and dedication.”
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