Specialist Risk Group (SRG) has taken the next step on its recent acquisition spree through its purchase of specialist property MGA, CLS Risk Solutions (CLS RS). The deal, which is subject to regulatory approval, marks SRG’s fourth of 2021.
Founded in 2010, CLS RS creates and provides risk solutions for real estate development projects and transactions. The MGA posted a GWP in excess of £30 million in 2020 and specialises in renewables, M&A, property development and environmental markets. Its range of insurance solutions supports clients in the UK and Europe across the property lifecycle and its underwriting team utilises its strong data resources to create such solutions.
Under the terms of the deal, CLS RS will sit within Specialist Risk Underwriting Solutions (SRUS), joining existing MGAs, GB Underwriting and LIME. In a Press release, SRG noted that CLS RS’s team of 28 bring with them deeply specialist expertise regarding the property investment and development market.
Group CEO of SRG, Warren Downey said he was delighted to welcome CLS RS to SRG at such an exciting time in their growth trajectory. He noted the team’s deeply specialist offering which is the ideal fit for SGR’s goal of creating a group of specialist brokers.
“I am looking forward to working with Rob (Best, CLS RS MD) and the team to expand CLS RS’s international capabilities and continue to serve their broker base with access to highly specialist property solutions,” he said.
Meanwhile, Best stated that the team at CLS RS is excited to join SRG at such an important moment for both businesses. The firms share the same values, ambition and client-centric service, he said. The CLS Group has given the MGA a great start and the sale to SRG provides its business with the platform and resources to continue to unlock new career development opportunities. What’s more, he continued, joining forces with SRG will also create excellent property development and transaction opportunities for the business’s clients.
Lee Anderson, SRUS CEO, commented: “CLS RS is a team of expert underwriters, who will add great value to SRG. There is a fantastic cultural alignment between our two organisations, and I am thrilled to have Rob and the team join our growing group.”