The purchase, which marks SRG’s first deal this year, awaits regulatory clearance.
It is said to strengthen SRG’s commercial motor expertise.
Founded in 2011, Fleet and Commercial operates across the UK, serving multiple industries, trades and businesses.
The Oxfordshire-based broker will become part of SRG’s retail division, called Specialist Risk Insurance Solutions (SRIS), with Tony McLeman and Tom West remaining at the helm.
The duo will work to sketch out an ‘ambitious’ organic and strategic growth strategy over the coming years.
SRG deputy CEO Lee Anderson said: “Fleet and Commercial is a leader in its field with a culture very much aligned to ours, which will add tremendous value to our existing motor capability.
“They are an ambitious, forward-thinking business and we are looking forward to working together in the future. On the back of an outstanding year of organic growth in 2022, SRIS is in a great position and poised to go from strength to strength, and I know the Fleet and Commercial team will play a significant contribution to achieving our goals.”
Fleet and Commercial company director Tony McLeman said: “Today marks the start of an exciting new chapter for us all at Fleet and Commercial. Specialist Risk Group is a natural partner for us as we enter our next phase of growth. It shares the same principle of being a high-growth, people and culture focussed business.”
In December 2021, SRG launched MX Underwriting to scale managing general agency operations in the UK and Europe.