Chief executive Downey says ‘developing a market leading MGA capability is a central element of our strategy’ for 2021
Insurance intermediary Specialist Risk Group (SRG) has bought construction sector specialist MGA GB Underwriting.
Founded in 2003, GB Underwriting focuses on offering property and liability products to the UK broker market, designed for end clients such as sole traders, SMEs and affinity groups that work within the building and construction industry, as well as associated specialist trades.
The deal signals SRG’s intention to extend its MGA capability, however it also works to complement the broker’s existing proposition.
Speaking on the acquisition, Warren Downey, group chief executive of SRG, said: “We are delighted to announce our acquisition of GB Underwriting, who bring a wealth of experience and expertise in the insurance of building and construction trades.
“Developing a market leading MGA capability is a central element of our strategy and we expect to make further progress in this area during 2021”.
GB Underwriting’s executive chairman James Gerry added: “Joining forces with SRG is a fantastic move for our staff and broker partners.
“My team are particularly excited to be part of a fast-growing intermediary for specialist businesses and the opportunity SRG will bring for our people and our broker partners”.
SRG kickstarted its 2021 acquisition activity last week with the purchase of specialist equine broker KBIS.