Specialist Risk Group, a London-based insurance intermediary, has taken a significant step by acquiring Generation Underwriting from WF Risk Group. Generation Underwriting is a managing general agent with offices in Newcastle and Belfast, known for working closely with brokers in the SME and mid-market sectors across the UK. While financial details of the deal were not shared, this move will see Generation Underwriting become part of MX, SRG’s underwriting division.
Generation Underwriting offers a wide range of insurance products including commercial combined, property owners, fleet, and contractors all risks. They deliver these products using both electronic trading platforms and traditional underwriting methods. By joining MX, they’ll gain access to SRG’s larger scale, advanced data capabilities, and wider distribution network, all while keeping the close-knit, entrepreneurial style their broker partners value.
Lee Anderson, the deputy CEO of Specialist Risk Group, highlighted that Generation Underwriting’s expertise in construction and property ownership fits perfectly with MX’s goals to expand property, fleet, and liability insurance offerings. Meanwhile, Greg Wilde, managing director at Generation Underwriting, expressed excitement about joining SRG. He noted that the new partnership would strengthen their local relationships and service speed, without changing the core team or approach that their brokers rely on.
In another deal announced around the same time, The Ardonagh Group, also based in London, acquired a majority stake in Apex Insurance in Hong Kong. Apex has been serving SME clients since 1988, focusing on areas like general liability, accident and health, and property damage insurance. This acquisition bolsters Ardonagh’s presence in Asia, complementing its existing operations through PSC HK Insurance Group. The financial terms of this transaction remain private.
Ardonagh, known for its global reach and diverse insurance solutions, welcomed Apex’s management team to continue running the company. The move is part of Ardonagh’s larger strategy after acquiring Australia’s PSC Insurance Group earlier in 2024, which included three insurance divisions in Hong Kong. Ardonagh’s Chief Commercial Officer, Des O’Connor, said this new partnership deepens the company’s local expertise and creates more value for clients and staff. Apex’s managing director, Philip Mak, echoed this optimism, looking forward to growing with Ardonagh’s support.
These recent acquisitions by Specialist Risk Group and Ardonagh show how the insurance industry continues to evolve, with companies joining forces to offer broader services while building on trusted relationships. Both deals highlight the importance of combining local knowledge with wider resources to better serve brokers and clients in different markets.