’This move positions us a true leader in the motorsport market and supports our continued ambition to build one of the most respected entertainment and sport practices in the market,’ says group deputy chief executive
Specialist Risk Group (SRG) has bolstered its motorsport offering with the acquisition of James Hirst and his team from Seventeen Group-owned broker James Hallam.
Hirst brings deep expertise and long-standing relationships in on-track motorsport insurance to SRG. The team provides tailored insurance services for on-track accident damage, liability, personal accident and event cancellation, as well as other motorsport-related exposures for professional racing teams, drivers, circuits and governing bodies.
The arrival of Hirst and the team strengthens an existing motorsport practice at SRG and demonstrates the firm’s investment in specialist insurance knowledge.
Speaking to Insurance Times previously about the broker’s M&A strategy, group chief exeuctive Warren Downey said it centred around “the motivation of people” rather than “financial engineering” acquisition transactions to create value from multiples.
He added: ”You can always do more [M&A], but we are trying to select businesses that fit culturally, that have a specialist bent, that are deep and narrow and that we together can do something we couldn’t do apart.”
SRG has previously acquired teams from other brokers, most recently appointing Ed Nicholson and Matt Solley from Tysers following its entry into the structured credit and political risk market.
A wonderful fit
Lee Anderson, SRG group deputy chief executive, explained: ”Hirst is a well-known and highly respected figure in the motorsport market. His expertise, reputation and client-first approach make him and his team a wonderful fit for SRG.
Read: Briefing – Scaling with purpose, the private equity advantage in insurance
Read: Lee Anderson: – SRG looks ‘east of east London’ for international focus
Explore more M&A-related content here, or discover other news stories here
“This move positions us a true leader in the motorsport market and supports our continued ambition to build one of the most respected entertainment and sport practices in the market.”
Commenting on his arrival, Hirst added: “We’re excited to be joining a group that places such a strong emphasis on specialism. Motorsport is a unique and complex industry and our clients value working with a team that truly understands the environment they operate in.
“SRG’s focus on deep expertise and entrepreneurial thinking made it the ideal home for us and we look forward to growing our proposition as part of the group.”
SRG was itself acquired by private equity backers Singapore-based Temasek Holdings and New York-based Warburg Pincus in a deal worth more than £1bn in May last year.
No comments yet