Fri, 05 Mar 2021 | BUSINESS SALE
London-based insurance broker Specialist Risk Group (SRG) has announced the acquisition of CLS Risk Solutions, the group’s fourth takeover of 2021. SRG was acquired by private-equity firm HGGC in December 2020 and since then has acquired The Channel Partnership, KBIS British Equestrian Insurance and GB Underwriting.
CLS is a property managing general agent (MGA) which provides risk solutions to the EU and UK real estate sectors, specialising in M&A, renewables and property development. During 2020, CLS posted a gross written premium (GWP) of more than £30 million and, in its most recent accounts, registered post-tax profits of £1.3 million on turnover of £13.2 million.
Post-acquisition, CLS’s 28-strong team will join SRG’s Specialist Risk Underwriting Solutions (SRUS) division, providing expertise in the property investment and development market.
SRG Group CEO Warren Downey 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 and the team to expand CLS RS’s international capabilities and continue to serve their broker base with access to highly specialist property solutions.”
CLS MD Rob Best added: “The CLS Group has given us a great start and the sale to SRG provides our business 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.”
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