Specialist Risk Group (SRG) has acquired Newcastle-based managing general agent Generation Underwriting from WF Risk Group, continuing its push to build out its regional underwriting capabilities.
The business will be integrated into MX, SRG’s underwriting division, and will support the firm’s efforts to expand its property, liability and fleet offering to brokers across the UK.
Generation Underwriting works exclusively with regional brokers in the SME and mid-market space. Its portfolio includes commercial combined, property owners, fleet and contractors all risks (CAR), distributed through a mix of e-trade platforms and traditional underwriting.
SRG said the deal will give Generation access to broader distribution, data capabilities and operational scale, while retaining its current operating structure and local market focus.
Group deputy CEO Lee Anderson said the acquisition aligns with SRG’s strategy of building underwriting expertise in specialist lines. He added that Generation brings complementary skills in construction and property owners’ risks and fits with MX’s ambition to strengthen its position in core commercial classes. SRG will also work with WF Risk Group to manage the transition.
Greg Wilde, managing director of Generation Underwriting, said the deal provides an opportunity to enhance broker relationships and operational flexibility, while maintaining the firm’s current team and decision-making approach.
WF Risk Group managing director Richard Willis said Generation has grown steadily over the past four years and that the sale supports its continued development under new ownership.
The acquisition comes as SRG continues to expand through a series of transactions. The company recently purchased Brentacre Insurance, a specialist broker focused on insurance for modified and performance vehicles.
Last year, the company acquired R3, a specialist insurance broker focused on UK tourism, charities, overseas aid and the UK military and police.
R3 joined SRG’s retail division, Specialist Risk Insurance Solutions (SRIS) and will contribute to the group’s ability to handle more complex placements.
