Specialist Risk Group (SRG) has acquired GB Underwriting, a managing general agent (MGA) serving the UK broker market.
Founded in 2003, GB Underwriting provides property and liability solutions. In particular, the firm specialises in supporting brokers whose clients are in the building, construction, and associated specialist trades.
The acquisition of GB Underwriting complements SRG’s existing proposition, offering solutions for a range of specialist business to UK brokers, a release said. The deal also further develops the MGA capability of SRG’s Specialist Risk Underwriting Solutions (SRUS).
“We are delighted to announce our acquisition of GB Underwriting, who bring a wealth of experience and expertise in the insurance of building and construction trades,” SRG group CEO Warren Downey. “Developing a market leading MGA capability is a central element of our strategy and we expect to make further progress in this area during 2021.”
“Joining forces with SRG is a fantastic move for our staff and broker partners,” added GB Underwriting executive chairman James Gerry. “My team are particularly excited to be part of a fast-growing intermediary for specialist businesses and the opportunity SRG will bring for our people and our broker partners.”
“We are excited at the prospect of working with James and the GB Underwriting team as we begin to expand SRUS,” commented SRUS CEO Lee Anderson.
Anderson added that the acquisition reinforces SRG’s commitment to its broker partners, by offering them access to more market opportunities and specialist solutions.
