Specialist Risk Group launches insurance arm in Australia

Specialist Risk Group has entered Australia, opening offices in Sydney and Melbourne as it expands its insurance intermediary operations across the Asia-Pacific region.

The UK-based firm is backed by Warburg Pincus, Ecclesia and Temasek. It described the move as part of a broader international expansion that includes a presence in Singapore and operations in Europe.

SRG has appointed Laurence Basell as managing director for Australia. He previously served as chief operating officer at Honan Insurance before its USD $700 million acquisition by Marsh.

The Australian unit will target mid-market customers, offering specialist lines alongside local broking and advisory services.

Local Footprint

The business has launched with two offices and expects to add more locations later in the year. It did not disclose staffing plans or near-term headcount.

The Australian operation will sit within SRG's international platform across London, Singapore and Europe, providing access to specialist expertise and overseas markets alongside an onshore service model.

From launch, the Australian business will include specialist services in Entertainment, Media & Sport, with additional areas of specialism planned after the initial rollout.

Specialist brokers have been increasing their presence in Australia as clients face rising premiums, tighter underwriting and greater scrutiny around complex risks. Mid-market companies often seek access to global insurers and more tailored programme design than standardised products provide.

Expansion Strategy

SRG has framed its international growth around specialist teams and local leadership. It described its operating approach as entrepreneurial, with decision-making pushed closer to client-facing teams.

"The launch of SRG in Australia is a natural next step in the international strategy we have been executing over recent years, following our expansion into Asia Pacific and the development of our European platform. Our ambition is to build a genuinely international specialist insurance group, focused on markets where deep expertise, strong relationships and access to international capability really matter," said Warren Downey, Group CEO, Specialist Risk Group.

He also described Australia as a market where an internationally connected model can compete, particularly where clients operate across borders or rely on specialised cover.

"Australia is a sophisticated, outward-looking market, and by combining high-quality local leadership with the strength of our international platform, we are continuing to build SRG in a way that is deliberate, connected and designed for long-term growth," Downey said.

Basell said the new office will focus on specialist hiring and building relationships in the mid-market segment.

"We're excited to be launching SRG in Australia with a clear focus on the mid-market and on building a team of high-quality specialists who know this market inside out. There is a real opportunity to do things differently here, combining strong local relationships with the international strength of the wider SRG platform, supported by technology that makes it easier to work with us and delivers a straightforward, high-quality experience for clients and partners," Basell said.

He said the openings in Sydney and Melbourne are the first step in a wider expansion across the country. SRG will continue to expand its Australian footprint this year by building teams and expanding its specialist offering.