The acquisition ’perfectly complements’ SRG’s goal, according to chief executive Warren Downey
Insurance intermediary Specialist Risk Group (SRG) has agreed to purchase MGA CLS Risk Solutions (CLS RS), subject to regulatory approval.
This will be SRG’s fourth acquisition in 2021 so far.
CLS RS will sit within Specialist Risk Underwriting Solutions (SRUS) and join the business’s existing MGAs - GB Underwriting and LIME.
The company, which has 28 employees, specialises in the property investment and development market.
Warren Downey, group chief executive of SRG, said: “I am thrilled CLS Risk Solutions are joining SRG at such an exciting time in our growth journey. The team have a deeply specialist offering, which perfectly complements our goal to create a group of specialist businesses.
“I am looking forward to working with Rob Best and the team to expand CLS RS’s international capabilities and continue to serve their broker base with access to highly specialist property solutions.”
Shared values and ambition
Founded in 2010, CLS RS is an MGA with gross written premium (GWP) in excess of £30m. Working in both the UK and Europe, it provides risk solutions for real estate development projects and transactions. In particular, it specialises in renewables, M&A, property development and environmental markets.
Its products include legal indemnities, structural indemnities, rights of light indemnities, environmental indemnities and judicial review/planning law indemnities.
Rob Best, CLS RS’s managing director, said: “The whole team at CLS RS is excited to be joining SRG at such an important moment for both businesses. We both share the same values, ambition and commitment to providing an outstanding service to our clients.
“The CLS Group has given us a great start and the sale to SRG provides our business [with] the platform and resources to continue to unlock career development opportunities for our team.
“What’s more, joining forces with SRG creates excellent property development and transaction opportunities for our clients.”
Lee Anderson, SRUS chief executive, added: “CLS RS is a team of expert underwriters who will add great value to SRG.
“There is a fantastic cultural alignment between our two organisations and I am thrilled to have Rob and the team join our growing group.”