SRG adds MGA CLS Risk Solutions to stable
It is the fourth deal this year for Specialist Risk Group and adds £30m in GWP to the business.
Specialist Risk Group (SRG) has bought London-located managing general agent, CLS Risk Solutions (CLS RS), for an undisclosed sum subject to regulatory approval.
CLS specialises in real estate projects and transactions and brings around £30m in GWP to SRG.
The MGA also has expertise in renewables, M&A, property development and environmental markets.
The addition follows on from SRG’s deals to buy KBIS, GB Underwriting and trade credit specialist, The Channel Partnership.
The deal follows investment in SRG by majority shareholder HGGC in December last year.
Underwriting
SRG detailed that the 28-strong CLS RS team will sit within Specialist Risk Underwriting Solutions (SRUS), joining existing MGAs, GB Underwriting and LIME.
Warren Downey, group CEO at SRG said: “I am thrilled CLS Risk Solutions are joining SRG at such an exciting time in our growth journey. The team have a deeply specialist offering, which perfectly complements our goal to create a group of specialist businesses.
“I am looking forward to working with Rob and the team to expand CLS RS’s international capabilities and continue to serve their broker base with access to highly specialist property solutions.”
Downey flagged the prospect of further deals to Insurance Age last month.
Values
Rob Best, CLS RS managing director, said: “The whole team at CLS RS is excited to be joining SRG at such an important moment for both businesses. We both share the same values, ambition and commitment to providing an outstanding service to our clients.
“The CLS Group has given us a great start and the sale to SRG provides our business the platform and resources to continue to unlock career development opportunities for our team. What’s more joining forces with SRG creates excellent property development and transaction opportunities for our clients.”
Lee Anderson, SRUS CEO, comments: “CLS RS is a team of expert Underwriters, who will add great value to SRG. There is a fantastic cultural alignment between our two organisations, and I am thrilled to have Rob and the team join our growing Group.”
For all the latest industry news direct to your inbox, sign up for our daily newsletter.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
ERS and Acturis team up on full-cycle API car product for brokers
Acturis and specialist motor insurer ERS have launched an API based car insurance product for brokers on the software provider’s platform which replaces legacy EDI messaging.
People Moves: 30 May – 2 June 2023
Stay in the loop with the latest personnel moves in insurance.
Brokerbility adds A-One as member
A-One Insurance Group has joined Brokerbility, becoming the first member to sign up after the network unveiled a refreshed proposition in April.
Ardonagh expands into Greece
The Ardonagh Group has signed up to buy a majority stake in Athens-based SRS Group of Companies.
Markerstudy maintains motor capacity amid Italian insurer cutbacks
Markerstudy-owned Clegg Gifford has maintained its capacity with insurer Unipol, although uncertainty remains about the Italian provider’s commitment to the UK market.
Jensten Group buys up Coversure member
The Jensten Group has bought the Coversure Poole Group for an undisclosed amount.
Interview: Melissa Collett
Melissa Collett left the CII at the end of May. A champion of professionalism and customer fairness, she has some wise words for an insurance industry on the brink of change.
Verisk targets brokers and MGAs with Morning Data buy
Global data analytics and technology provider Verisk has bought Morning Data, a supplier of software to brokers and managing general agents in London and across the world.