Specialist Risk Group (SRG) has today announced its first M&A move of 2023 - the acquisition of Fleet and Commercial. The deal, which is subject to regulatory approval, will look to enhance the group’s existing commercial motor capability and is a continuation of its growth strategy.
Founded in 2011, Fleet and Commercial is a specialist insurance broker based in Oxfordshire which now works UK-wide to support a range of different industries, trades and businesses including tradespeople, SMEs and large corporates.
Under the terms of the deal, Fleet and Commercial will form part of SRG’s growing retail division - Specialist Risk Insurance Solutions (SRIS) – which is led by Oliver Thorne who became its MD in October 2022. In a Press release, SRG revealed that Tony McLeman & Tom West will continue to lead the business “to deliver an ambitious organic and strategic growth plan over the coming years”.
Commenting on the announcement, Lee Anderson, SRG deputy CEO, said: “Fleet and Commercial is a leader in its field with a culture very much aligned to ours, which will add tremendous value to our existing motor capability. They are an ambitious, forward-thinking business and we are looking forward to working together in the future.”
Anderson stated that on the back of 2022’s “outstanding” organic growth, SRIS is in a strong position and poised to go from strength to strength. He added that he believes the Fleet and Commercial team will play a significant contribution to achieving the business’s goals.
Tony McLeman, Fleet and Commercial company director, also commented on the deal and said: “Today marks the start of an exciting new chapter for us all at Fleet and Commercial. Specialist Risk Group is a natural partner for us as we enter our next phase of growth. It shares the same principle of being a high-growth, people and culture focussed business.
“I would like to thank my colleagues for the effort they have put in to making Fleet and Commercial what it is today. We are all looking forward to our success continuing as part of Specialist Risk Group.”
What are your thoughts on SRG’s first deal of 2023? Feel free to include your comments in the comment box below.
