Australia-based specialist insurance broker SRG has agreed to acquire Insolvency Risk Services (IRS), a division of MS Amlin, for an unknown sum. The transaction is subject to regulatory approvals.

IRS provides insurance support for companies in administration and serves accounting firms and insolvency practitioners in the UK and Ireland.

It offers quick insurance coverage for insolvent companies and administrators to help them successfully emerge from administration.

IRS is a significant player within the UK insolvency market. The acquisition is expected to mark its return to the insurance broking world after several years as a division of MS Amlin.

As part of the acquisition, MS Amlin will offer SRG the ongoing dedicated capacity for risk exposures.

SRG CEO Warren Downey said: “We are delighted to welcome IRS to the Specialist Risk Group. As a specialist broker known for doing difficult things well, we have been keen to enter the insolvency market for some time and we have found the right partner in IRS.”

Commenting on the latest development, IRS managing director Adam Loveitt said: “We are very excited to be joining Specialist Risk Group and look forward to working together to serve the business community at this challenging time, and for many years to come.”

Last year, MS Amlin has unveiled a new underwriting strategy that involved the closure of nine classes of business.

It also confirmed plans to exit the aviation insurance market in September last year.