Specialist Risk Group (SRG), a London-based insurance broker, has agreed to acquire CLS Risk Solutions (CLS RS), subject to regulatory approval.
Financial details of the acquisition — its fourth so far this year — were not disclosed.
Established in 2010, CLS RS is a West Malling, England-based managing general agent (MGA), which provides risk solutions for real estate development projects and transactions for clients in the UK and across Europe. With gross written premiums in excess of £30 million ($41.8 million) in 2020, CLS RS specializes in renewables, mergers and acquisitions, property development and environmental markets.
The company helps clients transfer risk that might otherwise frustrate the acquisition, funding, development or disposal of a real estate asset. Its suite of products includes legal indemnities, structural indemnities, rights of light indemnities, environmental indemnities and judicial review/planning law indemnities.
CLS RS’ team of 28 will operate within Specialist Risk Underwriting Solutions, along with the company’s other MGAs – GB Underwriting and LIME.
The CLS RS’ team has a specialist offering, “which perfectly complements our goal to create a group of specialist businesses,” commented Warren Downey, Group CEO at SRG.
In addition to CLS RS, SRG’s other 2021 acquisitions are:
- Broker KBIS British Equestrian Insurance
- GB Underwriting, an MGA that provides property and liability solutions for brokers whose clients operate within the building, construction and associated specialist trades.
- UK trade credit specialist The Channel Partnership.
Specialist Risk Group (SRG) serves more than 45,000 end policyholders across multiple lines of business. SRG is owned by its management team and HGGC, a middle-market private equity firm, based in Palo Alto, Calif.
Source: Specialist Risk Group
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