Pollen Street sells SRG to HGGC

Katharine Hidalgo
22 December 2020

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Pollen Street Capital has sold insurance broker Specialist Risk Group (SRG) to US-based mid-market private equity firm HGGC.

Palo Alto-based HGGC is currently investing from its third-generation fund, which closed on $1.75bn in December 2016. The GP's previous UK-based investments in the insurance sector include London-based Davies Group, a professional services and technology firm serving the insurance industry.

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.

This deal represents a full exit for Pollen Street. The business was part of PSC III, which closed on £400m in February 2018. This is the fund's first realisation, according to Unquote Data.

Previous funding
SRG was formed by Pollen Street through the acquisition of Miles Smith in 2018 and The Underwriting Exchange in 2019.

Company
Founded in 2019, SRG is based in London and is an insurance broker.

People
HGGC – Neil White (partner).
Pollen Street Capital – Ian Gascoigne (partner).
Specialist Risk Group – Warren Downey (CEO).

Advisers
Equity – Evercore (corporate finance); Kirkland & Ellis (legal).
Vendor – Macquarie Capital (corporate finance); Proskauer (legal).