Specialist Risk Group (SRG), a London-based insurance intermediary, has completed the purchase of German broker Ecclesia’s businesses in the Netherlands and Belgium. This deal, first announced in January 2025, marks SRG’s official entry into mainland Europe and is a big step in its plan to grow internationally. Financial details of the acquisition were not made public.
The companies SRG acquired include BS&F, Concordia, Ecclesia BV, Finance & Insurance, IC Verzekeringen NV – CI Assurances SA, Sibbing, and XOLV. These firms are well-known in their markets and will help SRG build a strong presence in Europe. The teams in the Netherlands and Belgium bring deep knowledge, strong client ties, and a culture that fits well with SRG’s aim to become the go-to home for specialist insurance experts across Europe.
Alongside the acquisition, Ecclesia has joined SRG’s group of investors, which already includes Warburg Pincus, Temasek, and SRG’s management. This move shows a shared goal to grow a leading international specialist insurance intermediary.
Warren Downey, group CEO at SRG, expressed excitement about welcoming the new teams. He said their expertise and local understanding will be very important as SRG expands its European reach. Jochen Körner, CEO of Ecclesia and a non-executive director at SRG, said they are happy to keep an interest in the acquired businesses by joining SRG’s investor group.
In a separate deal, Optio Group, another London-based specialty MGA platform, has completed its acquisition of UK-based MGA Custodian Management Ltd. This was first announced in May and was finalized after receiving regulatory approvals. Financial details were not shared.
Custodian Management Ltd., founded in 2013 by Zahid Naqvi, focuses on professional indemnity and management liability insurance. The acquisition strengthens Optio’s existing offerings and helps it build a more diverse platform. This follows other recent expansions by Optio, which include buying Netherlands and Brussels-based MGA Den Hartigh, Luxembourg-based Circles Group, Norwegian S Insurance, and investing in Italian MGA Heca S.r.l.