Temasek, Warburg Pincus buy insurance services firm SRG in $1.7 billion deal
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The acquisition by Temasek and Warburg Pincus will help SRG expand internationally, including further into Europe and Asia.
PHOTO: ST FILE
London - Singapore’s Temasek and Warburg Pincus have agreed to acquire Specialist Risk Group (SRG), an independent insurance intermediary based in London.
The management team of SRG will continue to hold a significant stake, investing alongside Warburg, a private equity firm focused on growth, and Temasek, the company said in a statement on May 21, confirming an earlier Bloomberg News report.
The deal values SRG at more than £1 billion (S$1.7 billion) including debt, according to people familiar with the matter.
The transaction is aimed at helping SRG expand internationally, including further into Europe and Asia, they said, asking not to be identified discussing confidential information.
SRG, which was launched in January 2020, employs more than 600 people and has placed premiums of more than £1 billion, according to the statement.
Private equity firms are beginning to deploy cash again, albeit selectively into companies with good growth prospects, as pressure mounts from investors to generate strong returns.
The deal also comes amid increasing consolidation in the insurance space. Insurance giant Aviva said in 2024 that it would buy specialist insurer Probitas for £242 million.
Over the past decade, larger insurers such as Catlin, Amlin and Novae have also been acquired. BLOOMBERG
