London – 5 March 2021, Fast-growing insurance intermediary Specialist Risk Group (SRG) has agreed to acquire MX Underwriting (CLS RS), subject to regulatory approval. CLS RS is SRG’s fourth acquisition in 2021 so far. Established in 2010, CLS RS is a leading MGA, who create and provide risk solutions for real estate development projects and transactions. With a GWP in excess of £30 million in 2020, CLS RS specialises in renewables, M&A, property development and environmental markets.
CLS RS’s range of insurance solutions protects its clients in the UK and across Europe through the entire property lifecycle. CLS RS’ underwriting team has access to outstanding data resources, to innovate and create insurance solutions. This enables clients to quantify and transfer risk that might otherwise frustrate the acquisition, funding, development or disposal of a real estate asset. Its suite of products includes legal indemnities, structural indemnities, rights of light indemnities, environmental indemnities and judicial review/planning law indemnities.
CLS RS will sit within Specialist Risk Underwriting Solutions, joining existing MGAs, GB Underwriting and LIME. The CLS RS team of 28 bring with them deeply specialist expertise of the property investment and development market.
Warren Downey, Group CEO at SRG said: “I am thrilled MX Underwriting are joining SRG at such an exciting time in our growth journey. The team have a deeply specialist offering, which perfectly complements our goal to create a group of specialist businesses. I am looking forward to working with Rob and the team to expand CLS RS’s international capabilities and continue to serve their broker base with access to highly specialist property solutions.”
Rob Best, CLS RS Managing Director, said: “The whole team at CLS RS is excited to be joining SRG at such an important moment for both businesses. We both share the same values, ambition and commitment to providing an outstanding service to our clients. The CLS Group has given us a great start and the sale to SRG provides our business the platform and resources to continue to unlock career development opportunities for our team. What’s more joining forces with SRG creates excellent property development and transaction opportunities for our clients.”
Lee Anderson, SRUS CEO, comments: “CLS RS is a team of expert Underwriters, who will add great value to SRG. There is a fantastic cultural alignment between our two organisations, and I am thrilled to have Rob and the team join our growing Group.”