Specialist Risk Group (SRG), a London-based insurance broker, has agreed to acquire CLS Risk Solutions (CLS RS), subject to regulatory approval.
Financial details of the acquisition – the fourth so far this year – have not been released.
Founded in 2010, CLS RS is a managing agent (MGA) in West Malling, providing a risk solution for real estate projects and transactions for clients in the UK and across Europe. With a gross written premium of more than £ 30 million ($ 41.8 million) by 2020, CLS RS specializes in renewable energy sources, mergers and acquisitions, real estate development and environmental markets.
The company helps clients transfer risks that might otherwise frustrate the acquisition, funding, development or sale of a fixed asset. The range of products includes legal fees, structural exemptions, rights to light indemnities, environmental exemptions and legal obligations.
The 28-year-old team from CLS will work with the other MGAs of the company – GB Underwriting and LIME, within the specialist risk underwriting solutions.
The CLS RS team has a specialist offering, which complements our goal of creating a group of specialist businesses, ‘says Warren Downey, CEO of SRG.
In addition to CLS RS, SRG’s other acquisitions in 2021 are:
Specialist Risk Group (SRG) serves more than 45,000 end insurers across different industry boundaries. SRG is owned by its management team and HGGC, a venture capital firm in Palo Alto, California.
Source: Specialist Risk Group
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