Here’s news on the latest GRP acquisition; GRP’s Sagar Insurance [Sagars] has acquired Anderson Ashcroft Insurance Brokers Ltd, a Preston-based commercial insurance broker.
John Meadows, chief executive of Sagars, confirmed the purchase of the business and said the deal has received regulatory approval. All staff, including the two directors, John Anderson and Ian Ashcroft, will remain with the business after the transaction, and the Preston office will stay open under new ownership.
Meadows said: “This is our second acquisition since we became part of GRP in 2018 and I’m delighted to welcome an experienced team that has built a high-quality brokerage serving the Preston area. I am confident that we can together deliver significant growth for the business.”
Anderson Ashcroft write predominantly commercial lines, with a particular specialism in the freight forwarding and freight transport industries.
John Anderson said: “Sagars is a powerhouse in the East Lancashire area, and will provide us with the best possible springboard to grow and develop our client base in Preston and beyond. We look forward to being part of John’s team, with the product and service advantages that also comes with being in the GRP family.”
Mike Bruce, GRP’s group managing director, said: “This is our second deal since the announcement of Searchlight’s investment in GRP. Searchlight are very supportive of our M&A strategy and we have a strong pipeline of quality deals like Anderson Ashcroft. Sagars has gone from strength to strength following their acquisition of Thomas Cook, and under John Meadow‘s leadership has become a significant player in the region.”
He noted: “Lancashire is the second fastest growing region in the UK, outside London and the South East, with a high number of manufacturing and engineering businesses. These clients are right in our sweet spot, and I’m confident Anderson Ashcroft will add considerable value to the group.”
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, David Margrett and Stephen Ross, backed by private equity firm Penta Capital LLP.
The Group has grown rapidly since inception, both organically and through acquisitions. Today, GRP is the UK’s second largest independent insurance intermediary with Gross Written Premium approaching £800m and more than 1,600 employees.
In early February, GRP announced that Searchlight Capital Partners is making a significant investment in the group. Searchlight is a global private investment firm with over $7 billion in assets under management. The acquisition is subject to regulatory approval, and once completed, Searchlight will become the majority owner of GRP.