Global Risk Partners is still on the acquisition trail, after snapping up a succession of brokerages last year, and earlier in 2018. Here’s the latest news from them; GRP has acquired Thomas Sagar Insurances Ltd [Sagar], with terms including the price, remaining undisclosed.
Sagar is a chartered insurance broker based in Burnley that provides insurance solutions for the corporate, business and private sectors. Founded 60 years ago, Sagar employs 24 people and wrote over £9 million GWP last year.
Mike Bruce, GRP’s CEO Broking said: “This is a quality business with an excellent track record in Lancashire, and strong ties to the community where it operates. We have been highly impressed with their focus on client servicing and look forward to assisting directors John and Susan Meadows and their team take Sagar to the next stage in its journey.”
Husband and wife team John and Susan Meadows have been the driving force behind Sagar for many years and will continue to run Sagar under GRP’s ownership.
John Meadows said: “GRP offered us a compelling opportunity to create value from our successful stewardship of the business, and, looking ahead, to help us become a stronger proposition under new ownership.”
“Our clients will benefit from new products and services available to us via the GRP portfolio of successful MGAs and brokers, and their relationships with blue chip insurers will enable us to further improve our competitiveness.”
“We are looking forward to being part of one of most entrepreneurial and exciting businesses in UK broking.”
Mike added: “Sagar sits neatly between Marshall Wooldridge in Yorkshire and County Group in Cheshire/Manchester and, alongside our recent acquisition of Preston-based CCIB, delivers a considerable boost to the Northern footprint of GRP’s Broking Division.”
He said: “We will continue our strategy of acquiring first class regional brokerages to join our high quality portfolio of growth businesses that deliver value for customers, staff, insurer partners and investors.”
The acquisition has received regulatory approval.
About Global Risk Partners (GRP)
Global Risk Partners Limited (GRP) is a vehicle aimed at acquiring brokers and managing general agents (MGAs) trading in the UK retail and global, specialty insurance markets. It was established in 2013 by Peter Cullum, chairman and David Margrett, chief executive, and is backed by private equity firm Penta Capital LLP.
GRP acquires businesses, teams and portfolios that have niche, non-commoditised, specialty propositions and strong profitability. The company has acquired 28 businesses to date and handles in excess of £650m GWP.