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Administrators in at SRB

Special Risks Bureau has gone into administration following its acquisition by Risk Placement Services.

RPS bought the niche insurance brokerage for an undisclosed sum last month in a deal that saw it take on SRB’s assets but not liabilities.

RPS deputy managing director Geoff Tresman says it will honour any claims going through but any future liabilities will remain with the liquidator and any compensation must be clawed back from the remaining business assets or the adviser who sold the policy.

Former SRB chairman Garry Heath says he and RPS felt it was the most appropriate solution to put SRB into administration and transfer the assets to RPS. He says: “Although it was not an ideal situation, that is the way we had to do it.”

Tresman says: “There were outstanding relationships that could not be resolved and at the same time SRB was struggling to deal with the amount of business it was getting due to being paper-based and having a lack of appropriate IT systems.”

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