CORE INSURANCE

Specialist Risk Group to be acquired by HGGC

Specialist Risk Group, HGGC | December 21, 2020

Specialist Risk Group, a quickly developing specialist insurance broker, today reported that it has consented to a complete arrangement to be procured by driving center market private value firm HGGC. SRG's supervisory crew will contribute close by HGGC and keep on holding a huge stake in the business. The private exchange is relied upon to shut in Q1 2021, subject to administrative endorsement. As a component of the exchange, existing financial specialist Pollen Street Capital will leave the business.

SRG was framed by Pollen Street Capital through the acquisition of Miles Smith in 2018 and The Underwriting Exchange in 2019. Under the administration of Group CEO Warren Downey, SRG is situated for quick organic and acquisition-based growth.

"We are delighted to partner with HGGC, a firm that is completely aligned with our values as a culture and people-driven company," said Warren Downey, SRG Group CEO. "We share a common ethos and expansive ambition, and I am tremendously excited for the next chapter of the SRG story. I would like to thank the team at Pollen Street for their support of the business through this foundational stage of SRG's history."

"SRG has been an outstanding investment and a great example of Pollen Street's track record of investing in high growth specialists in the financial and business services sectors," added Ian Gascoigne, Partner at Pollen Street Capital. "We have enjoyed a great partnership with Warren and the team and believe that HGGC is a great partner to support the business to achieve its considerable potential."

HGGC was prompted by Evercore and Kirkland and Ellis and Pollen Street was exhorted by Macquarie Capital and Proskauer.

About Specialist Risk Group
SRG is an integrated group of insurance intermediaries arranging specialist insurance for corporates operating in the UK and internationally. The group serves over 18,000 end policyholders across multiple lines of business and specialises in creating solutions to challenging risk transfer questions. For more information, please visit: www.specialistrisk.com.

About HGGC
HGGC is a leading middle-market private equity firm with $5.4 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 200 platform investments, add-on acquisitions, recapitalisations, and liquidity events with an aggregate transaction value of over $27 billion. More information, including a complete list of current and former portfolio companies is available at www.hggc.com.

About Pollen Street Capital
Pollen Street is an independent alternative investment management company with significant experience in specialty finance, focused on accelerating the progress of the financial and business services sectors. It was established in 2013 and operates across private equity and credit strategies on behalf of investors including leading pension funds, asset managers, banks, and family offices from around the world. Pollen Street has a team of 70+ professionals with offices in London and New York City.

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