Specialist Risk Group (SRG), a London-based specialist insurance broker, announced that it has acquired KBIS British Equestrian Insurance, an established broker in the equestrian market.
Financial details of the transaction have not been disclosed.
Newbury, England-based KBIS, purchased by Guy and Liz Perst in 1991, specializes in a wide range of equestrian products, including equine insurance, property insurance, horse trailers and trailers and coverage for equestrian businesses. Other product offerings include leisure horses, high performance sport horses, horse trailer and trailer insurance, property insurance, event and show insurance, standalone personal accident coverage and specialist liability coverage for individuals, companies and events and shows.
“We are delighted to welcome KBIS to SRG. They have been serving equestrian sports for many years and bring another specialist skill to our growing group. KBIS 'sector expertise is exactly what we want to develop within the group as we strive to become the natural home base for specialist people and companies, said Warren Downey, Group CEO of SRG headquartered in London.
“SRG fits perfectly with KBIS, both culturally and strategically. We are proud of the reputation that KBIS has built up in the equestrian market and look forward to further strengthening our offering as part of the group. We are delighted to expand our distribution capabilities through the Irish and EU operations of the group, TUE, ”said Guy Perst, KBIS Managing Director.
KBIS will be part of SRG & # 39; s fast-growing retail business, Specialist Risk Insurance Solutions (SRIS). SRIS was founded in July 2020 through the merger of Square Mile Broking, Miles Smith Insurance Solutions, David Codling and Associates and the TUE Special Risk team.
In July 2020, Specialist Risk Group announced it had agreed to acquire Insolvency Risk Services (IRS), a deal that closed in October. IRS also operates as part of Specialist Risk Insurance Solutions.
Lee Anderson, Managing Director of SRIS said: “2020 has been an exciting year for SRIS. Following the launch of SRIS in July, we are pleased to add IRS and KBIS to our growing business. We are pleased with the progress we have made in 2020 and look forward to our momentum continuing into 2021 and beyond. "
SRG announced in December 2020 that it had signed a definitive agreement to acquire by HGGC, the Palo Alto, California-based mid-market equity firm. This deal is subject to regulatory approval.
Source: Specialist Risk Group (SRG)
The most important insurance news, delivered to your inbox every working day.
Receive the trusted newsletter from the insurance industry