Specialist Risk Group Acquires Generation Underwriting From WF Risk Group
Specialist Risk Group (SRG), the London-based insurance intermediary, announced the acquisition of managing general agent Generation Underwriting, which has offices in Newcastle and Belfast, from WF Risk Group.
Financial details of the deal were not disclosed.
The business will become part of MX, SRG’s underwriting pillar, and will further accelerate the build-out of a nationwide property, liability & fleet proposition in the UK for brokers.
Generation Underwriting is a UK-based MGA that partners exclusively with brokers across the regions in the SME and mid-market space. Its diverse portfolio spans commercial combined, property owners, fleet, and contractors all risks (CAR) products, delivered through a blend of e-trade and traditional underwriting.
By joining MX, Generation Underwriting will benefit from SRG’s scale, advanced data, and distribution while preserving the entrepreneurial culture valued by regional broker partners, SRG said, explained that the acquisition complements MX’s existing appetite and will provide brokers with an expanded, and more comprehensive range of property, fleet, and liability solutions.
“Generation Underwriting epitomises the kind of specialist underwriting talent we celebrate in MX. Greg and his team bring complementary expertise in construction and property-owners’ and their values and focus on delivering for brokers across the UK make them a natural fit for MX as we continue to build a best-in-class property, fleet, and liability proposition,” commented Lee Anderson, group deputy CEO at Specialist Risk Group.
“Joining SRG’s MX pillar marks an exciting new chapter for Generation. Our philosophy has always centred on building local relationships, providing swift service and offering flexible wordings,” said Greg Wilde, managing director of Generation Underwriting. “With SRG’s investment and market reach, we can enhance these strengths for our broker partners while maintaining the same people, values and decision making agility that define our business.”
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Ardonagh Acquires Majority Stake in Apex Insurance in Hong Kong
The Ardonagh Group, the London-based independent insurance distribution platform, has acquired a majority stake in Apex Insurance (Holdings) Ltd. in Hong Kong.
Ardonagh will operate Apex alongside its unit PSC’s Hong Kong operations, PSC HK Insurance Group, which will strengthen Ardonagh’s footprint in the region and deepen its in-market expertise, the company said.
Founded in 1988, Apex is a provider of insurance broking and insurance agency services to SME businesses, predominantly across general liability, accident & health, and property damage lines of business.
Apex will continue to be led by its management team, including Allen Lee, Philip Mak Jimmy Poon and Andrew Mak.
The PSC HK portfolio, which also includes Charter Gilman Insurance Brokers, Charter-Union Insurance and Trans-Pacific Insurance Brokers, joined Ardonagh as part of the A$2.3 billion take-private of Australia’s PSC Insurance Group in October 2024.
“Ardonagh has a demonstrable track record of identifying strong management teams, and this strategic acquisition exemplifies our ethos of empowering independent businesses to grow,” commented Des O’Connor, Ardonagh’s chief commercial officer. “Combining Apex with PSC HK will bring deep local expertise to enhance our existing presence in Asia and drive continued value creation for clients and colleagues alike.”
“In almost four decades, Apex has continued to evolve and build its strong reputation in the Hong Kong insurance market. Now with the backing of Ardonagh and our new colleagues at PSC HK, we embark on the next phase of our growth journey,” according to Philip Mak, Apex’s managing director.
Ardonagh was founded in 2017 through the merger of several UK insurance businesses which created a diversified group that provides wholesale, retail and specialist insurance solutions. Ardonagh has since grown into a top-20 global broking group placing $18 billion of premiums and operating across the entire insurance distribution value chain, the broker said.
As part of the acquisition of Australia’s PSC Insurance Group in October 2024, Ardonagh acquired the PSC Hong Kong portfolio which operates via three divisions: Charter Gilman Insurance Brokers, Charter-Union Insurance and Trans-Pacific Insurance Brokers.
Topics
Mergers & Acquisitions
Underwriting
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