Specialist Risk Investments Limited acquires entire share capital of The Underwriting Exchange and LIME

Pollen Street Capital, the London-based private equity and credit manager focused on specialist financial and business services, is delighted to announce that Specialist Risk Investments Limited (SRIL), is acquiring the entire share capital of The Underwriting Exchange and LIME (together the TUE Companies).

SRIL is an investment company, established by Pollen Street to make acquisitions in the European SME broking sector, focusing on specialty risks. The transaction will see the TUE Companies join forces with Miles Smith Insurance Group, the UK-focused specialist SME insurance broker acquired by Pollen Street in February 2018. Completion of the transaction remains subject to regulatory approval.

The TUE Companies are insurance intermediaries engaged in the arrangement of specialty insurance for Irish and UK businesses and the placement of this business into the Lloyd’s and London insurance markets. Since its creation in 2007, TUE has established a highly regarded position as a leading Lloyd’s broker of Irish corporate and SME risks. LIME is a rapidly growing MGA engaged in the arrangement of Motor Fleet and other specialist insurance products for companies in the Irish Republic.

The combination of the TUE Companies and Miles Smith is anticipated to create exciting opportunities to deploy new products and capabilities across each company’s respective markets; offering benefits to customers, coverholders and insurance partners alike. The combined group will control premium in excess of £300m with strong prospects to grow organically. SRIL will also continue explore further complementary acquisitions.

Stephen O’Connor and Adrian Butler, the founders of the TUE Companies, will remain major investors in the business and continue to manage the TUE Companies on a day-to-day basis. Both Stephen and Adrian will join the board of Specialist Risk Investments Limited.

Ian Gascoigne, Partner at Pollen Street Capital commented:
“The Underwriting Exchange and LIME have grown rapidly in recent years to become market leaders in the broking of specialist risk in the Irish market. We have been impressed by the high regard with which customers and insurers hold the businesses and are delighted to have the opportunity to back employees and management of the business through its exciting next phase of growth”.

Stephen O’Connor and Adrian Butler, founders of The Underwriting Exchange Companies commented:
“We are delighted to be joining the Specialist Risk Investments group. We are proud to have built The Underwriting Exchange and LIME into recognised leaders in Irish broking SME and wish to thank our employees for their hard work in getting the companies to where they are today."
“We believe that the new investment from Pollen Street Capital will offer exciting opportunities to expand the Underwriting Exchange into new products and markets, and that Specialist Risk Investments is well-placed to benefit from trends in the industry."
“We look forward to working alongside Paul Chainey and other members of the Miles Smith team to develop new products and capabilities for our SME customers to further expand the companies’ leading positions in the UK and Irish markets.”

Paul Chainey CEO Miles Smith commented:
“This is a wonderful opportunity for the group as we continue to focus on outstanding client service and value. The growth culture of both companies will only enhance our brand reputations in both of our respective markets. Having known Stephen and Adrian for a number of years I look forward to working closely with them in developing new products and markets for the benefit of our clients.”

Ends

Enquiries
Camarco (PR advisers to Pollen Street Capital)
Ed Gascoigne-Pees – 020 3757 4984, ed.gascoigne-pees@camarco.co.uk
Jennifer Renwick – 020 3757 4994, jennifer.renwick@camarco.co.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 £2.7bn gross AUM across private equity and credit strategies on behalf of investors including leading pension funds, asset manager, banks and family offices from around the world. Pollen Street Capital has a team of 70+ professionals with offices in London and New York.