Specialist Risk Group (SRG) has agreed to acquire London-based City Quarter Brokers, in a deal subject to regulatory approval.
City Quarter Brokers focuses on complex risks within the construction, engineering and infrastructure sectors, serving clients involved in large-scale international projects. The broker will become part of SRG’s Wholesale division, alongside Miles Smith, CBC Partnership, SRI and TUE.
SRG said the acquisition will enhance its capacity to deliver placement solutions for complex risks across global markets. Group deputy CEO Lee Anderson said City Quarter Brokers’ technical expertise, global outlook and broker service align with SRG’s values, representing the type of specialism that benefits brokers and clients managing complex risks.
City Quarter Brokers CEO Rob Walton said the deal will offer greater resources and reach while maintaining the firm’s specialist focus. He said the company has built a reputation for tailored solutions to technically demanding risks, and SRG’s platform will support expansion while preserving qualities valued by clients.
The announcement follows SRG’s completion of its acquisition of Ecclesia’s operations in the Netherlands and Belgium, marking the group’s entry into continental Europe. Initially announced in January, the deal included seven former Ecclesia businesses — BS&F, Concordia, Ecclesia BV, Finance & Insurance, IC Verzekeringen NV – CI Assurances SA, Sibbing, and XOLV. These entities will underpin SRG’s European expansion, in line with its strategy to broaden its footprint through the integration of regionally embedded intermediaries.
The acquisition comes amid sustained merger and acquisition activity in the London and UK insurance market, despite a slowdown in completed insurer transactions globally. Consolidation among brokers has remained a key feature, with London and the South East continuing to attract the highest concentration of deals. Private equity investment is playing a prominent role, particularly in the managing general agent segment, which is drawing interest as a flexible alternative to traditional acquisitions.
Recent high-profile insurer transactions include Aviva’s £3.7 billion takeover of Direct Line Group, Brookfield’s £2.4 billion purchase of Just Group, and Legal & General’s continued expansion in the pension risk transfer sector.
While insurer M&A levels have been at their lowest since 2009, industry analysts expect activity to pick up, driven by capital availability, strategic diversification, and regulatory developments in the UK and Europe.
