Specialist Risk Group Acquires Lloyd’s Broker CBC Partnership

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Specialist Risk Group (SRG) has agreed to acquire the London-based broker CBC Partnership (CBC), subject to the necessary regulatory approvals.

Financial details of the transaction were not disclosed. CBC will become SRG’s 19^th acquisition, and its 6^th in 2023.

Under the deal, the CBC team of 100 will continue to be led by CBC Chairman Andrew Wallas and CEO Robert Cottingham from its City of London headquarters. CBC, which is a Lloyd’s broker, will retain its brand as part of the acquisition.

CBC’s expertise in professional lines will neatly complement SRG’s existing capabilities in this space, enhancing its extensive portfolio of specialist businesses in the UK, Ireland, and internationally, said SRG.

Trading at the heart of the Lloyd’s of London insurance market for more than 38 years, in 2017, Wallas and Cottingham initiated a management buy out, supported by the private equity house, B P Marsh and Partners PLC.

“We are thrilled to welcome CBC to join us in the next chapter of the SRG story. CBC is a fantastic business, and its culture and specialisms perfectly align with us at SRG,” commented Warren Downey, SRG Group CEO.

“We are excited to work with Chairman Andrew Wallas and CEO Rob Cottingham and we warmly welcome our new colleagues from CBC and look forward to working together on what will be an exciting future for our business,” Downey added.

“When we first started speaking to CBC, we quickly realised during our conversations that together we had the potential to create something very special,” said Lee Anderson, SRG group deputy CEO.

“We have long admired CBC, largely due to their commitment to valuing their team. This is a quality we share with CBC, and something that we have spoken about together over the last year. CBC are innovators, growing their business through well considered organic growth, and embracing specialism,” Anderson continued.

“We are incredibly proud of the business we have built at CBC Partnership. We have valued accountability in all our interactions with each other, our clients and our partners and this has been proven to foster exponential growth,” according to Wallas at CBC Partnership.

“Under the leadership of Rob Cottingham, we have created a culture focused business which has proved financially successful and personally fulfilling,” Wallas added. “It was incredibly important that we chose a future home for CBC with care, to find a partner aligned with our values. When we first started speaking to SRG we weren’t considering selling CBC. However, we quickly realised the synergy between the two businesses. We admire the growth that SRG has achieved since its launch, whilst remaining committed to its people.”

Source: Specialist Risk Group (SRG)

Topics Mergers & Acquisitions Agencies Excess Surplus Lloyd's

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