Specialist Risk Group Buys UK Broker R3 in Its 11th Acquisition of 2024

Specialist Risk Group (SRG), the London-based insurance intermediary backed by Warburg Pincus and Temasek, announced the acquisition of specialist insurance broker, R3.

R3 is SRG’s 11th acquisition in 2024, following previous acquisitions which include Stonehatch, Capulus, and Anthony James Insurance Brokers.

Financial details of the transaction were not disclosed.

R3 provides tailored insurance solutions across several sectors including: UK tourism, charities and overseas aid, and UK military and police. R3 will join SRG’s retail pillar, Specialist Risk Insurance Solutions (SRIS), adding expertise and capability to its portfolio of specialisms and bolstering its expertise in complex risk areas.

Since its inception, the R3 team has built a strong reputation in the insurance market for developing deep-rooted knowledge in each of its core business areas, a commitment to understanding the unique risks faced by clients in these sectors, and the ability to deliver tailored insurance solutions to meet its clients’ needs, said SRG in a statement.

“We are thrilled to welcome the R3 team to Specialist Risk Group. R3’s unique sector experience represents the very essence of SRG’s approach to building specialisms,” commented Lee Anderson, group deputy CEO of SRG.

“Their team brings a wealth of industry-specific knowledge, and we look forward to working together to expand our retail offering for UK clients,” Anderson added. “This partnership strengthens our retail capability and reinforces our commitment to providing clients with the specialist solutions they need to tackle complex and diverse risks.”

“This is an exciting next chapter for R3. SRG’s reputation for investing in and developing industry-leading specialist teams is second to none,” according to Rob Proudman of R3. “We therefore look forward to sharing our expertise with the SRIS team and together, we will continue our mission to serve clients with the highest level of specialism and dedication.”

Source: Specialist Risk Group (SRG)