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Warburg Pincus and Singapore’s Temasek Holdings Pte agreed to acquire Specialist Risk Group Ltd., an independent insurance intermediary based in London.

The management team of Specialist Risk Group will continue to hold a significant stake, investing alongside Warburg, a private equity firm focused on growth, and Temasek, the company said in a statement on Tuesday, confirming an earlier Bloomberg News report.

The deal values SRG at more than 拢1 billion ($1.27 billion) including debt, according to people familiar with the matter. The transaction is aimed at helping SRG expand internationally, including further into Europe and Asia, they said, asking not to be identified discussing confidential information.

, which was launched in January 2020, employs more than 600 people and has placed premiums of more than 拢1 billion, according to the statement.

Private equity firms are beginning to deploy cash again, albeit selectively into companies with good growth prospects, as pressure mounts from investors to generate strong returns.

The deal also comes amid increasing consolidation in the insurance space. Insurance giant Aviva Plc said this year that it would buy specialist insurer Probitas for 拢242 million. Over the past decade, larger insurers such as Catlin, Amlin and Novae have also been acquired.

SRG and the company’s previous backer, Palo Alto, California-based HGGC, were advised by Evercore Inc., while Warburg was advised by Macquarie Capital and the company management was advised by Liberty Corporate Finance.