Global Risk Partners (GRP) has acquired Shearwater Insurance Services (Shearwater), the insurance broker based in Waltham Cross, Hertfordshire. The deal has been approved by the regulator and the consideration is undisclosed.
Shearwater, which was founded in 1992 by Jeremy Lawton (managing director), specialises in equine and related business. The business has developed a number of targeted schemes to serve its loyal client base. Jeremy Lawton, who will continue to run the business post completion, and all the team, will stay with Shearwater as it moves across to new ownership.
Mike Bruce, GRP’s group managing director commented: “Shearwater is a strong growth prospect with a quality proposition in both equine insurance and other commercial and personal lines. We warmly welcome Jeremy and his 36 employees to GRP, and look forward to supporting them as they accelerate their growth with us.”
Jeremy Lawton said: “GRP already has an excellent track record in our sector, via Lonmar, one of the most famous names in bloodstock insurance. Our discussions with Mike Bruce and his team have been hugely productive and we are delighted to become a part of one of the most dynamic and exciting insurance businesses in the UK.”
Shearwater follows on the heels of the recent acquisition of Trimulgherry Investments Limited and marks a fast start to 2019 for GRP, according to Mike Bruce. “We have had a successful start to the year and we will continue to look for outstanding businesses such as Shearwater, which will benefit from integration and enable management to focus on growth.”
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. GRP is one of the top three independent brokers in the UK.