Specialist Risk Group Acquires Square Mile Broking Ltd

HGGC Acquires Specialist Risk Group

December 21, 2020

Insurance

Middle-market private equity firm HGGC has signed a definitive agreement to acquire London-based Specialist Risk Group (SRG). SRG's management will reinvest alongside HGGC while existing investor Pollen Street Capital will exit; the transaction is expected to close in Q1 2021 subject to regulatory approval.

Bold Penguin Acquires SquareRisk

October 10, 2025

Financial Services

Bold Penguin has acquired SquareRisk, a digital wholesale marketplace that connects retail brokers to specialty carriers and MGAs. The acquisition expands Bold Penguin's access to excess & surplus (E&S) and specialty markets and adds digital wholesale operations to its commercial insurance platform.

Specialist Risk Group Acquires Insolvency Risk Services from MS Amlin

July 1, 2020

Insurance

Specialist Risk Group (SRG) has agreed to acquire Insolvency Risk Services (IRS), a division of MS Amlin, subject to regulatory approval. The deal brings IRS's specialist insolvency insurance broking capability into SRG's platform, with MS Amlin providing ongoing capacity for related risk exposures.

Specialist Risk Group (SRG) Acquires GB Underwriting

January 14, 2021

Insurance

Specialist Risk Group (SRG), backed by new majority investor HGGC, has acquired GB Underwriting, a UK managing general agent (MGA) specializing in property and liability insurance for construction and building trades. The deal strengthens SRG's MGA capability and expands its specialist insurance offering to UK brokers.

Warburg Pincus and Temasek Acquire Specialist Risk Group

May 21, 2024

Insurance

Warburg Pincus and Temasek agreed to acquire Specialist Risk Group (SRG) from HGGC, with SRG management reinvesting and retaining a significant stake. The investors will support SRG’s next stage of growth as the specialist insurance intermediary expands its people-focused platform and international capabilities; closing is subject to customary regulatory approvals.

Specialty Program Group (SPG) Acquires Squaremouth

April 4, 2023

Insurance

Specialty Program Group LLC (SPG) has acquired Squaremouth, a St. Petersburg-based travel insurance digital marketplace, to expand SPG’s digital distribution and e‑commerce capabilities in travel insurance. The acquisition brings Squaremouth’s digital quoting and comparison platform and large carrier portfolio into SPG’s portfolio (SPG is affiliated with Hub International in some reports).