Thomas Sagar Insurances (Sagars) – part of Global Risks Partners – has acquired Thomas Cook & Son Insurance Brokers (Thomas Cook). The deal has received regulatory approval and the consideration is undisclosed.
Thomas Cook, which is based in Burnley, Lancashire, is a commercial lines broker specialising in hi-tech engineering and the entertainment industry. It was established in 1946.
John Meadows, MD of Sagars, explained that the deal was the first since Sagars was acquired by GRP twelve months ago. “I’m thrilled to welcome John Cook, MD of Thomas Cook and his team to our business. John is staying with us after completion and he and the team will move into our office in Burnley.”
“This is an excellent transaction for Sagars and adds significantly to our local reach. The ability to complete deals of this kind was one of the reasons we became part of GRP. I’m confident we will continue to acquire other businesses in our area which have a sound strategic fit.”
Mike Bruce, GRP’s group managing director, said: “I’m delighted to welcome Thomas Cook to Sagars and am confident the combined business will continue to flourish with this and other deals in the pipeline.”
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, David Margrett – Chief Executive, and Stephen Ross – Chief Operating Officer, 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 independent brokers in the UK.