Briefing: The Europe opportunity – why is it so hard to crack?

Europe is often spoken about as if it were a single, unified market. Any business that has tried to build a meaningful presence across the Continent knows how far that view is from reality.

Europe is one of the most fragmented, complex and locally driven insurance landscapes in the world, shaped by diverse regulatory environments, entrenched national champions and deeply relationship-based distribution systems.

It is no surprise then that while many UK and US intermediaries have tried to expand into Europe over the last decade, very few have built a cohesive multinational strategy. Most growth has happened through isolated acquisitions, opportunistic hiring or tactical footholds in select countries – rather than a true, integrated European model.

The ambition is easy. The execution is hard.

Why Europe has resisted traditional expansion playbooks

Breaking into Europe is challenging for several reasons and overlooking any one of them is enough to derail a company’s entire expansion strategy.

First, regulation varies meaningfully country to country.

While the UK tends to emphasise conduct and transparency, Continental European regulators often prioritise capital requirements, distribution controls and consumer protection in different ways. A structure that works in France may be unworkable in the Netherlands. An approach that fits Germany may not translate to Belgium. There is no one-size-fits-all model.

Second, the distribution landscape remains stubbornly local.

Many markets retain a strong tradition of regional brokers, family owned intermediaries and long-standing client relationships built over generations. Unlike the US or UK, where consolidation has created national platforms, in Europe, trust and proximity remain decisive.

The result? Most foreign entrants underestimate the complexity, overestimate the portability of their model and often struggle to gain traction beyond isolated success stories.

SRG’s European path

When Specialist Risk Group (SRG) decided to expand into Europe, we were clear from the start that we would not adopt a bit part acquisition strategy or rely on planting a flag and hoping scale would follow.

We did not want a loose collection of European entities – we wanted a platform that could genuinely integrate and drive sustainable growth.

That is why our partnership with Ecclesia Group, Germany’s largest independent insurance broker, is so important. In August 2025, SRG completed its purchase of the broker’s businesses in the Netherlands and Belgium, as well as welcomed Ecclesia Group to its investor panel and management team.

Ecclesia Group is deeply embedded across Europe, with a long history of operating in regulated environments, navigating local market dynamics and building long-term client relationships. Its culture – rooted in professionalism, technical depth and care for people – aligns closely with ours.

Rather than taking the typical route of a one-off acquisition, we have deliberately chosen to expand in Europe through a strategic, long-term partnership with a business and leadership team that knows the terrain better than anyone.

Our strategy is simple. SRG will grow in Europe in the same way it has grown in the UK – by building specialist capability, developing leadership talent and investing in cultural alignment, working with partners that understand the nuances of each new jurisdiction.

This enables us to:

• Enter Europe with humility rather than hubris.
• Avoid missteps caused by regulatory or cultural assumptions.
• Position SRG as a specialist led partner, not an outsider trying to impose a UK or US model.
• Scale thoughtfully, sector by sector, market by market.
• Ensure that our expansion is coordinated and sustainable, not a collection of disconnected ventures.

Earning a place at the European table

The European insurance market represents vast long-term potential.

It combines mature sectors with emerging ones, stable jurisdictions with growth markets and a client base that increasingly demands specialist expertise, international reach and high quality advice.

But, Europe rewards patience and perspective. It does not yield easily to organisations that chase headlines rather than foundations.

At SRG, we believe we have chosen the right path – a culturally aligned, strategically considered approach, rooted in partnership rather than opportunism. Our relationship with Ecclesia Group gives us the confidence that we are building something meaningful, not just big.

Europe is not a market you conquer. It is a market you earn. And we are proud to be earning it the right way.