The business sector is just getting back to work today but Higos has been busy over the festive period, putting to the finishing touches to a takeover deal in the UK insurance sector. We predict more consolidation and mergers as 2018 unfolds. Here’s the word from Higos;
Higos Insurance Services Ltd [Higos], part of the Global Risk Partners Group [GRP] has acquired GMM Commercial Insurance Services Ltd [GMM]. The acquisition completed on 2 January 2018.
Ian Gosden, managing director of Higos, said: “We warmly welcome Simon Rice and his six-strong team to Higos. They are a high quality business with an excellent reputation in the South West, and will considerably strengthen our presence in South Devon.”
GMM was founded by MD Simon Rice 35 years ago. It is based in Newton Abbot and is primarily a commercial insurance broker with specialist expertise in food and drink manufacturing, which is a current strategic focus for Higos.
The business wrote £2m of GWP last year, and all the team will stay with GMM as it moves across to new ownership.
Ian added: “We continue to develop acquisition opportunities in the South West, and look forward to further strengthening our portfolio during 2018.”
GRP acquired 22 businesses in 2017 – the pace of expansion could well continue this year too.
Simon Rice said: “GMM has been my passion for 35 years, and I am delighted to secure our future with Higos. Ian painted a compelling picture of the opportunity for GMM as part of Higos, and the wider GRP family, as well as for our customers, who will benefit from a broader set of products and further improvements in service.”
Mike Bruce, GRP’s CEO Broking, also welcomed the acquisition of GMM and said: “This is the fourth deal made by Higos in the past nine months, following Courtenay, Colin Fear and Mellerup’s, and is a good illustration of the strategy for our regional hubs, namely combining smart acquisitions with accelerating organic growth.”
The acquisition has received regulatory approval, and the consideration is undisclosed.