GB Underwriting joins Specialist Risk Group
The MGA specialises in construction and provides property and liability cover via UK brokers.
Specialist Risk Group (SRG) has bought GB Underwriting for an undisclosed sum.
The deal follows investment in SRG by majority shareholder HGGC in December last year.
Warren Downey, group CEO at SRG said: “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.
“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”.
Opportunity
James Gerry, GB Underwriting executive chairman, added: “Joining forces with SRG is a fantastic move for our staff and broker partners. 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.”
SRG stated that GB Underwriting, which was founded in 2003, provides property and liability solutions to the UK broker market and looks to support brokers whose clients operate within building, construction and associated specialist trades.
MGA growth
SRG also stated that the move hints at plans to build the Group’s MGA capability.
Lee Anderson, Specialist Risk Underwriting Solutions (SRUS) CEO, commented: “We are excited at the prospect of working with James and the GB Underwriting team as we begin to expand SRUS.
“This latest acquisition reinforces the Group’s commitment to our broker partners by providing them access to wider market opportunities and specialist solutions.”
The deal is the second acquisition this year for SRG which purchased equestrian broker KBIS earlier this month.
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