SRG’s management team will invest alongside HGGC and continue to hold a significant stake in the business. The private transaction is expected to close in Q1 2021, subject to regulatory approval. As part of the transaction, existing investor Pollen Street Capital will exit the business. 

SRG was formed by Pollen Street Capital through the acquisition of Miles Smith in 2018 and The Underwriting Exchange in 2019. Under the leadership of Group CEO Warren Downey, SRG is positioned for rapid organic and acquisition-based growth. 

“We are delighted to partner with HGGC, a firm that is completely aligned with our values as a culture and people-driven company,” said Warren Downey, SRG Group CEO. “We share a common ethos and expansive ambition, and I am tremendously excited for the next chapter of the SRG story. I would like to thank the team at Pollen Street for their support of the business through this foundational stage of SRG’s history.” 

HGGC, based in Palo Alto, California, brings substantial industry knowledge, deep M&A capabilities and strong operational and financial resources to support SRG’s ambitions. HGGC is the majority investor in London-based Davies Group, a specialist professional services and technology firm serving the insurance industry. Since 2017, Davies has completed 26 add-on acquisitions and total revenue growth of more than 5x. In the U.S., HGGC’s current insurance experience includes Pearl Holding, a non-standard auto managing general agent; Integrity Marketing Group, a leading life and health insurance distributor focused on the senior market; and PCF Insurance, a full-service insurance brokerage firm that provides complete risk management and employee benefits solutions.
 
“The team at SRG has a unique and impressive set of insurance distribution capabilities. We are thrilled to pair our industry knowledge with their expertise to help grow SRG organically and through acquisition,” said Neil White, Partner at HGGC. 

“SRG has been an outstanding investment and a great example of Pollen Street’s track record of investing in high growth specialists in the financial and business services sectors,” added Ian Gascoigne, Partner at Pollen Street Capital. “We have enjoyed a great partnership with Warren and the team and believe that HGGC is a great partner to support the business to achieve its considerable potential.”