Specialist Risk Group Launches APAC Unit in Singapore, Buys Local Broker
Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced its launch in Asia Pacific with a new subsidiary in Singapore.
As the first part of its expansion plans, SRG has, through its newly established subsidiary in Singapore, signed a definitive agreement to acquire HL Suntek Insurance Brokers Pte. Ltd., the Singapore-based insurance broker, subject to customary closing conditions, including the necessary regulatory approvals being obtained.
Financial details of the acquisition were not disclosed.
“HL Suntek, led by managing director, Lim Eng Thiam, has built a strong reputation for providing specialist insurance solutions and exceptional client service,” SRG said, noting that the acquisition is a key move in SRG’s strategy to build a firm regional presence, leveraging local expertise and a client-centric approach to serve local markets.
“The launch of SRG in Asia Pacific and the acquisition of HL Suntek is a pivotal moment in SRG’s journey of international growth. I have known Eng Thiam for more than 10 years and he has built an impressive and robust business in Singapore – the Asia insurance hub,” commented Warren Downey, SRG Group CEO. “We have great plans for building a business in Asia for Asia which is very much focused on local talent and local capability.”
“My team and I are excited to be joining the fast-growing Specialist Risk Group. I have been with HL Suntek, which is part of the Hong Leong Holdings Group, for the majority of my career and wish to express my gratitude for their support and partnership over the years and I look forward to continuing to serve them in the future,” according to Lim Eng Thiam, managing director of HL Suntek.
To support the growth and strategic direction of SRG in Asia Pacific, SRG has appointed Chua Eng Leong as non-executive director of its newly established subsidiary in Singapore. Eng Leong’s deep understanding of the intricacies of the Asian market and extensive leadership experience in the region make him a valuable asset to SRG’s expansion efforts.
This expansion into Asia Pacific underscores SRG’s broader international strategy as it continues to grow its presence in key global markets.
Source: Specialist Risk Group (SRG)