US PRIVATE EQUITY FIRM TO BUY SPECIALIST RISK GROUP

US private equity firm HGGC is to acquire London-market broker and managing general agent Specialist Risk Group (SRG) from Pollen Street Capital. SRG’s management team, led by CEO Warren Downey, will invest alongside HGGC and continue to hold a significant stake in the business. SRG was formed by Pollen Street Capital through the acquisition of Miles Smith in 2018 and The Underwriting Exchange in 2019. The transaction is expected to close in the first quarter of 2021. HGGC is the majority investor in London-based insurance services firm Davies Group. In the US, HGGC owns Pearl Holding, a non-standard auto managing general agent and PCF Insurance, a full-service insurance brokerage firm.