Intermediary Specialist Risk Group (SRG) has acquired Capulus, a Wales-based managing general agent (MGA), to enhance its motor fleet capabilities.
Capulus’ team of 21 will integrate into SRG’s MGA division, MX. SRG stated that this move will strengthen its fleet operations across retail, wholesale, and underwriting sectors.
This acquisition boosts SRG’s motor fleet underwriting expertise and establishes MX as a major player in the UK and Ireland, with a focus on property, motor fleet, and casualty.
Capulus directors Darren Ovenden and Kevin Smith stated that the deal will accelerate the company’s growth and enable it to provide stronger solutions for UK brokers. Financial terms were not disclosed.
In July, SRG also announced its acquisition of property and casualty insurance MGA Trilogy Underwriting. This marks SRG’s second acquisition for MX in 2024.
Previous acquisitions by MX include Tristar Special Risks, The MPLC, CLS Risk Solutions, Blackrock Insurance Solutions, and GB Underwriting.

“It’s great to welcome Capulus to Specialist Risk Group. Darren, Kevin, and their team have built an incredibly well-run and profitable business, and I’ve genuinely enjoyed getting to know them throughout the acquisition process”, Lee Anderson, Group Deputy CEO of SRG, said.
The culture and approach of the business are a natural fit with ours. This partnership is a key milestone in our journey to bring together like-minded teams who are committed to delivering exceptional service and support to our broker partners across the UK and Ireland.
“Capulus’ integration into MX will strengthen our shared culture of excellence and ensure that their clients continue to receive the high level of service they expect, now enhanced by the broader capabilities and resources of SRG.”
“Joining Specialist Risk Group and MX is an exciting new chapter for Capulus. We are proud of what the team has achieved so far and believe that, with SRG’s support, we can take our proposition to the next level”, Darren Ovenden and Kevin Smith, Directors of Capulus, said.
“This partnership will accelerate our growth and enable us to offer even more robust solutions to our UK broker partners. We are eager to start this journey with SRG and contribute to their ongoing success in the motor fleet market.”
Specialist Risk Group is one of the fastest-growing groups of insurance intermediaries in the UK, placing £900 mn of premium into the Global insurance market. Across our Group, we have a plethora of UK and international broking and underwriting specialisms.
Our company brings together individuals and businesses from across the world, who are united in our pursuit of specialism. Guided by our objectives of being a good colleague and hitting our numbers, SRG colleagues are working together to build a company we’re proud to tell our friends and family about.