Temasek-backed insurance services firm Specialist Risk Group sets up Asia-Pacific hub in Singapore
The region represents the next major growth frontier for the company
[SINGAPORE] London-headquartered Specialist Risk Group (SRG) announced the formal launch of its Asia-Pacific operations on Tuesday (Mar 25), establishing a regional hub in Singapore.
Backed by global private equity firm Warburg Pincus and Singaporean investment firm Temasek, the independent insurance intermediary aims to “build a broker that is in Asia-Pacific for Asia-Pacific”.
“Singapore is the natural gateway to Asia’s insurance markets – a hub with deep talent, strong regulation, and regional influence,” Collin Yap, chief executive officer (CEO) Asia-Pacific at SRG, told The Business Times.
He explained that Asia-Pacific represents the next major growth frontier for SRG, which is committed to establishing a long-term presence in the region. The group plans to focus on delivering bespoke solutions for complex and hard-to-place risks, with particular emphasis on specialty lines, property and casualty programmes, and employee benefits.
Warren Downey, group CEO at SRG, described Singapore as the “obvious choice” for the firm’s regional base, with Yap as the “natural leader” to drive expansion.
Yap, who was previously CEO of Marsh McLennan Singapore, brings over 20 years of industry experience and has held key leadership roles across the region.
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Founded in January 2020, SRG has rapidly expanded, now employing 1,500 people and placing £1.5 billion (S$2.6 billion) in premiums into global insurance markets.
The group’s expansion into Asia-Pacific follows a series of strategic moves, including its acquisition by Temasek and Warburg Pincus. Completed in September, the deal saw the two investors take a 60 per cent stake in SRG. The remaining 40 per cent is split equally, with German broker Ecclesia and SRG’s senior executives each holding a 20 per cent stake. (* see amendment note below)
Valued at over £1 billion including debt, the transaction was aimed at accelerating SRG’s international growth, particularly in Europe and Asia.
In October 2024, SRG further expanded its footprint by acquiring Singapore-based retail insurance broker HL Suntek Insurance Brokers from Hong Leong Holdings.
Yap emphasised that Temasek and Warburg Pincus are not just investors, but instrumental strategic partners. Their support has given SRG the “confidence and capital to grow quickly and responsibly in Asia”, he said.
“They understand the market, share our long-term vision, and back our ambition to build a world-class specialist insurance business in the region,” he added.
When asked about SRG’s plans to adapt its proven model from the UK and Ireland to the Asia-Pacific market, Yap highlighted that the company’s approach will not be a mere replication. Instead, SRG intends to localise its model to meet the unique needs of the region.
Central to SRG’s framework are specialist expertise, an entrepreneurial culture, and a strong focus on clients and people.
“In Asia-Pacific, we will apply that framework by hiring like-minded local talent with shared values of decency, respect and service, building deep sector capabilities, and designing solutions that match regional complexities,” he said.
Yap sees a growing demand for specialist-led, impactful risk solutions across the region, particularly as businesses grapple with increasing regulatory, supply chain, and cyber risks.
“There are clear opportunities in areas like specialty, complex property and casualty programmes, and employee benefits – especially in fast-growing economies across the region,” he said.
Looking beyond Singapore, SRG has shown interest in expanding into markets such as Malaysia, the Philippines, and Indonesia. Yap explained that these countries are experiencing rapid economic growth, with expanding middle classes, infrastructure development, and evolving risk landscapes.
“Local businesses will become more sophisticated and face more complex risks, which in turn necessitates having the right insurance cover,” he added.
* Amendment note: This article has been amended to accurately reflect the correct ownership stakes in SRG
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