There’s still no sign of the GRP buying spree pausing anytime soon, here’s the latest news on the continuing consolidation within the UK broking sector.
GRP has acquired 3XD Limited, an insurance intermediary based in the Ribble Valley in Lancashire, which provides specialist insurance products to clients through a range of distribution channels including independent financial advisers.
Clive Nathan, CEO Underwriting, welcomed the acquisition, which will see 3XD CEO David Fulluck, COO Graham Kelsall, and the rest of the 19 staff stay with the business under the ownership of GRP.
Clive said: “3XD is a highly successful growth-oriented business with a strong track record in household, landlord and learner driver insurance. 3XD is renowned for its range of customer centric products, and its state of the art trading system.”
“I’m delighted to welcome David, Graham and their colleagues to GRP and look forward to supporting them as they take the business on the next phase of its journey.”
CEO David Fulluck said: “We are very excited by the opportunity for 3XD within GRP and the growth prospects being part of a large group brings.”
I firmly believe that the ownership model applied by GRP, where we as owners can create value from our work, but continue to hold a stake in 3XD and help drive the business forward, is hugely compelling and a reason why their acquisition track record is so powerful.”
The acquisition has been approved by the FCA and the consideration is undisclosed.
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.