Temasek-backed insurance intermediary eyes regional expansion to meet growing demand
Specialist Risk Group (SRG), a London-based independent insurance intermediary, has officially launched its Asia-Pacific operations with the establishment of a regional hub in Singapore. The move is part of the company’s strategic effort to expand into one of the world’s most dynamic insurance markets.
Supported by global private equity firm Warburg Pincus and Singapore’s state-owned investment company Temasek, SRG aims to build a regional presence “in Asia-Pacific for Asia-Pacific.” The firm intends to focus on providing specialized insurance solutions for complex and hard-to-place risks, including property and casualty programs, employee benefits, and specialty lines.
Collin Yap, SRG’s CEO for Asia-Pacific, highlighted Singapore’s strategic position as the natural gateway to Asia’s insurance markets. “Singapore offers a wealth of talent, strong regulatory frameworks, and regional influence, making it the ideal location for our expansion,” Yap told The Business Times.
The Asia-Pacific region is poised to become a major growth frontier for SRG, and Yap emphasized the company’s long-term commitment to establishing a significant presence in the area.
Warren Downey, SRG’s Group CEO, echoed Yap’s sentiment, calling Singapore the “obvious choice” for the firm’s regional headquarters. He also praised Yap as the “natural leader” to steer the company’s expansion. Yap, who brings over 20 years of industry experience, previously served as the CEO of Marsh McLennan Singapore and has held several leadership roles throughout the region.
Founded in January 2020, SRG has grown rapidly, with 1,500 employees and £1.5 billion (S$2.6 billion) in premiums placed into global insurance markets. This expansion follows a series of strategic moves, including the firm’s acquisition by Temasek and Warburg Pincus in September 2024. The deal saw the investors acquire an 80% stake in SRG, with the remaining 20% held by SRG’s senior executives. The transaction, valued at over £1 billion including debt, is expected to drive the company’s international growth, particularly in Europe and Asia.
As part of its continued expansion, SRG also acquired Singapore-based retail insurance broker HL Suntek Insurance Brokers from Hong Leong Holdings in October 2024.
Yap noted that Temasek and Warburg Pincus are not just financial backers but key strategic partners who have provided SRG with both the capital and confidence to scale quickly and responsibly in Asia. “They understand the market, share our long-term vision, and are fully committed to our ambition to build a world-class specialist insurance business in the region,” he said.
Regarding SRG’s approach to adapting its business model to Asia-Pacific, Yap emphasized that the company plans to localize its proven model from the UK and Ireland. “We won’t simply replicate what works in the UK and Ireland; instead, we’ll tailor our services to meet the unique needs of this region,” he explained.
SRG’s strategy in Asia-Pacific will focus on hiring local talent who share the company’s core values of respect, decency, and service, as well as building deep sector expertise to address the region’s complexities.
Yap identified key areas of growth, particularly in specialty insurance, property and casualty programs, and employee benefits, especially in fast-growing economies across the region. As businesses face increasing regulatory challenges, supply chain disruptions, and cyber risks, SRG anticipates a surge in demand for specialist risk solutions.
In addition to Singapore, SRG is looking to expand into other high-growth markets such as Malaysia, the Philippines, and Indonesia. Yap explained that these markets are experiencing significant economic growth, with expanding middle classes and infrastructure development, creating new and evolving risks for businesses.
“As local businesses become more sophisticated, they will need more complex insurance coverage to manage the risks that come with rapid growth,” Yap concluded.
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