Specialist Risk Group acquires UK MGA in expansion move

London-based insurance intermediary Specialist Risk Group (SRG) has acquired GB Underwriting, an MGA construction specialist.

GB Underwriting provides property and liability solutions to the UK broker market, particularly in the building, construction and associated specialist sectors.

The announcement follows SRG's acquisition of specialist equine broker KBIS earlier this month.

SRG said the acquisition of GB Underwriting complements its existing proposition, providing solutions for a range of specialist business to UK brokers, and in line with its strategy to build out the group’s MGA capability.

Warren Downey, group CEO of 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.”

Lee Anderson, Specialist Risk Underwriting Solutions (SRUS) CEO, added: “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.”

James Gerry, executive chairman of GB Underwriting, commented: “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.”