Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced the acquisition of specialist reinsurance firm NW Re.
Financial details of the deal were not disclosed.
SRG said the acquisition reinforces its commitment to the broker and underwriting intermediary market, by investing in specialist underwriting capability and technical expertise.
Founded in 2020 by seasoned industry experts Neil Wallis, Neil Walker, and Tallis Kemp, NW Re is a profitable and robust business which provides property facultative reinsurance and excess of loss insurance across a range of occupancies, including retail, manufacturing, offices, real estate and leisure.
The team at NW Re will join forces with SRG’s underwriting pillar, MX, to support SRG’s vision of creating a comprehensive one-stop shop of specialist underwriting solutions for its broker partners.
NW Re’s expertise and focus on disciplined, profitable underwriting in the UK property reinsurance market is an ideal addition to MX, SRG said.
“This deal marks yet another exciting step in the growth of our underwriting pillar, MX. The NW Re team has built a brilliant business that perfectly complements our focus on providing specialist solutions for brokers and their clients,” commented Lee Anderson, group deputy CEO of SRG, in a statement.
“There is no doubt that the NW Re team will add significant value to MX’s capability as we continue to expand our specialisms and deliver even more value for our broker partners,” Anderson added.
“We are delighted to be joining Specialist Risk Group and to be working alongside our new colleagues at MX,” according to Neil Wallis, co-founder of NW Re, which is based in Sittingbourne, England.
“From the outset, we have always maintained the goal of providing reliable, tailored insurance solutions in the UK market,” Wallis added. “Partnering with SRG now enables us to bring our expertise to a wider audience and to work within a group that totally shares our commitment to specialty insurance. We look forward to providing even greater value to our broker partners working in partnership with our new colleagues from SRG and the MX team.”
Source: Specialist Risk Group (SRG)
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