The deal will see SRIL acquire the Croydon-based broker, which places approximately £20m of premium into the UK insurance market
The chief executive of intermediary group Specialist Risk Investments Ltd (SRIL) has told Insurance Times today’s acquisition of Square Mile Broking Limited is not the end of its growth plans.
The deal, which is subject to regulatory approval, will see SRIL acquire the Croydon-based broker, which places approximately £20m of premium into the UK insurance market and is a specialist in construction, waste and environmental and rail risks as well as serving clients in the manufacturing, professional services and food and drink industries.
SRIL owns Miles Smith and The Underwriting Exchange, and employs a team of approximately 270 professionals across five offices in the UK and Ireland.
Warren Downey said: “We are a company that prides itself on placing specialist risks, and Square Mile has both business classes and clients that provide us with the opportunity to enhance our operations in some existing areas and to grow into other specialist areas.
“We know Square Mile and its management, and they like us look to the quality of what they do and have a focus on the specialist risks and client service.”
Downey took the role of group chief executive in September having arrived at SRIL from Jardine Lloyd Thompson (JLT) where he had been CEO for its global private client business.
“We want to grow the business and Square Mile wanted to operate on a bigger platform. All the staff and management will work with us and we all want to go forward together,” he said. “This is certainly not the end of the journey as we want to look at how we continue to grow be it with the recruitment of new individuals or new businesses.
“Since I joined the group in September I can say we have had a lot of fun and there is a can-do attitude across the group.
“We pride ourselves on the fact that we focus on specialist risk. We do not do vanilla business. We are keen to remain focused on difficult industries and challenging risks. We love the challenge of working with companies on risks that are hard to place and have limited options.
“It is rewarding to create the products and find the markets to write those products and the acquisition of Square Mile will only enable to enhance our services.”
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