Specialist Risk Group (SRG) has finalised its acquisition of Ecclesia’s operations in the Netherlands and Belgium, marking the group’s formal entry into continental Europe.
The transaction, initially announced in January, includes seven businesses formerly under the Ecclesia banner: BS&F, Concordia, Ecclesia BV, Finance & Insurance, IC Verzekeringen NV – CI Assurances SA, Sibbing, and XOLV.
The acquired entities, which operate in the Dutch and Belgian markets, will form the foundation of SRG’s expansion strategy across Europe. According to the group, the transaction aligns with its plans to broaden its footprint through the integration of regionally embedded intermediaries.
Warren Downey (pictured above), group CEO at SRG, said the deal marks an important milestone and welcomed the new teams to the organisation.
“Their depth of expertise, local market knowledge and service-led approach will be instrumental as we continue to expand our European footprint,” Downey said.
The deal brings approximately 700 employees into SRG, adding to the group’s operational capacity and significantly increasing its presence across mainland Europe.
Prior to the acquisition, SRG employed more than 600 staff and arranged over £1 billion in gross written premiums. The integration of Ecclesia’s Dutch and Belgian operations will more than double its workforce and further increase its capacity to service clients in Europe.
Ecclesia Group, based in Germany, is one of the largest corporate insurance brokers in Europe and places approximately €3 billion in premiums across multiple markets annually. The divested operations in the Netherlands and Belgium were key parts of its European network.
The transaction also adds to SRG’s acquisition activity over the past year, with the group having completed 12 acquisitions during 2024. This buy-and-build approach has underpinned its broader expansion strategy, with deals across different territories and specialties.
The deal also reflects a broader pattern in insurance sector consolidation. In 2024, the UK insurance distribution market saw 152 M&A transactions, with cross-border activity accounting for about 20% of all deals. SRG emerged as one of the more active UK-based acquirers during that period, particularly in transactions involving European assets.
Alongside the acquisition, Ecclesia has also taken an equity stake in SRG, joining the group’s investor base that includes Warburg Pincus, Temasek, and SRG’s management team.
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