Specialist Risk Group agrees to acquire Insolvency Risk Services
SRG, the fast-growing specialist insurance broker who acquired Miles Smith, The Underwriting Exchange, Square Mile Broking and David Codling and Associates, is pleased to announce its agreement to acquire Insolvency Risk Services (IRS), a division of MS Amlin subject to regulatory approval.
IRS serves the needs of accounting firms and insolvency practitioners across the UK and Ireland as they provide insurance support for companies in administration. Through arranging broad and swift insurance coverage, IRS provides insolvent companies and administrators the protection they need to successfully emerge from administration.
IRS is a significant player within the UK insolvency market and this move signals their return to the insurance broking world after several years as a division of MS Amlin.
As part of the acquisition, MS Amlin will provide SRG with ongoing dedicated capacity for these risk exposures. This forms one of three strategic partnerships about which more will be announced in due course.
Warren Downey, CEO of SRG, said: “We are delighted to welcome IRS to the Specialist Risk Group. As a specialist broker known for doing difficult things well, we have been keen to enter the insolvency market for some time and we have found the right partner in IRS.“
Adam Loveitt, IRS Managing Director, commented: “We are very excited to be joining Specialist Risk Group and look forward to working together to serve the business community at this challenging time, and for many years to come.”
Ian Gascoigne, Pollen Street Capital Partner, commented: “IRS is an exciting addition to the SRG’s specialist risk product suite, further enhancing SRG’s position as one of the most dynamic and fast-growing insurance distribution platforms in the European market.”
About Specialist Risk Group (SRG)
SRG is an integrated group of insurance intermediaries arranging specialist insurance for corporates operating in the UK and internationally. The group serves over 18,000 end policyholders across multiple lines of business and specialises in creating solutions to challenging risk transfer questions.
SRG is owned by its management team and Pollen Street Capital, an independent alternative asset investment management company focused on the financial and business services sectors. For more information, please visit: www.specialistrisk.com
IRS has established itself as a leading provider of specialist insurance products to insolvency practitioners and their clients in the UK and Ireland. The team pioneered the first open cover solution to businesses in administration and are a highly respected franchise in insolvency insurance. They currently employ 28 people which represents the largest dedicated team in the segment and are based in Nottingham, UK.
About Pollen Street Capital
The Pollen Street Capital Group is an independent alternative asset investment management company focused on the financial and business services sectors, with significant experience in specialty finance. It was established in 2013 and now manages c £2.6bn gross AUM across private equity and credit strategies on behalf of investors including leading pension funds, asset managers, banks and family offices from around the world. Pollen Street Capital has a team of 70+ professionals with offices in London and New York.
About MS Amlin
MS Amlin is a leading global specialty (re)insurer, part of the global top-10 insurance group MS&AD, with three main legal entities’ operating in the Lloyd’s, UK, Continental European and Bermudian markets. With a 300-year record and c.1,800 people in more than 20 locations worldwide, MS Amlin delivers a quality service for businesses facing the most complex and demanding risks. MS Amlin’s role places it at the forefront of the Property & Casualty, Marine and Reinsurance markets.