Specialist Risk Group (SRG), the London-based insurance broker, announced the acquisition of mid-market commercial broker Consort Insurance, subject to regulatory approval.
Financial details of the deal were not disclosed.
Based in Witham, Essex, UK, Consort is specialist broker supporting a range of industries including construction, manufacturing, healthcare and entertainment. The business also offers exclusive specialist insurance for organizations with an exposure to fire risk through its Protection and Detection (PaD) product.
Consort Managing Director Danny Harwood and his team will join Specialist Risk Insurance Solutions (SRIS), led by Oliver Thorne who was announced as its managing director in October 2022. SRG’s acquisition of Consort will continue to expand SRIS’s mid-market specialism, which the Consort team will play a fundamental role in helping to further develop in the UK and internationally. This latest acquisition continues SRIS’s ambitious growth strategy, which has seen the business double in size in the last three-years. (SRIS is a subsidiary of SRG).
“I am absolutely thrilled that Danny and the Consort team have chosen to join us to continue to develop our fast-growing Retail business, Specialist Risk Insurance Solutions. The Consort team will add tremendous value to our mid-market capability, and I look forward to working together to continue to develop this critical part of our business,” commented Lee Anderson, SRG Deputy CEO.
“I have asked Danny to join the SRIS leadership team and have no doubt that he will add tremendous value in this setting,” Anderson added.
“Throughout the deal process it became clear that SRG shared our ambitions to grow organically, within a high-performing and rewarding culture. I am passionate about the continued growth for the business within the mid-market space, and with the support of SRG, I look forward to enhancing our service and claims proposition and expanding across the UK and internationally,” said Harwood.
Source: Specialist Risk Group (SRG)
Topics Mergers & Acquisitions Agencies Commercial Lines Business Insurance
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