Specialist Risk Group (SRG), a growing insurance intermediary that is backed by investors Warburg Pincus and Temasek, has acquired terrorism insurance expert Tristar Special Risks for an undisclosed sum.
Tristar Special Risks provides comprehensive coverage for a wide range of commercial and residential risks, including political and religious properties, and supports broker partners throughout the UK. The acquisition bolsters SRG’s managing general agent MX, which was launched in December 2021, continuing its expansion.
According to SRG, its strategy has a focus on cultivating deep expertise in niche areas, and the swoop for Tristar Special Risks exemplifies that approach. The group cited its strong track record of attracting businesses that operate in specialised sectors, with its recent move aligning with SRG’s ongoing growth plan.
Lifting the lid on the deal, group deputy chief executive Lee Anderson shared: “We first engaged with James and the Tristar team at the SRG Market Briefing in January 2020. It was clear at the time that both businesses shared the same ambitions and were culturally aligned.
“Today (July 3) marks the moment when we join forces and look forward to an exciting future working together.
“Tristar Special Risks is a great example of what SRG looks for in the ideal team and business. They have deep expertise and credibility in their specialist area, and I know that they will go from strength to strength from being part of SRG.”
Anderson was referring to James Woolerton (pictured), managing director of Tristar Special Risks.
Woolerton had this to say about the merger: “Joining Specialist Risk Group marks a significant milestone for Tristar Special Risks and brings exciting opportunities for our broker partners.
“With SRG’s infrastructure and market presence, we look forward to improving all aspects of our offerings; continuing to provide best-in-market terrorism insurance solutions and providing the unique and market-leading levels of innovation, flexibility, collaboration, and expertise our brokers value so highly.”
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