Green Insurance Group [Greens], the south eastern hub business for Global Risk Partners [GRP], has acquired 100% of the share capital of R T Williams Insurance Brokers Ltd [RTW], and NIB Insurance Brokers Limited [NIB], an appointed representative of RTW.
RTW and NIB operate from the same office in Brighton, East Sussex. The two brokerages write a range of general insurance products, including property, commercial and personal lines, primarily in Sussex, Surrey and the London area. RTW and NIB will retain their current office and branding post acquisition.
Greens CEO Duncan Coleman said: “These two quality businesses with a strong heritage are an excellent fit for Greens and add considerably to our south eastern region footprint. All of us at Greens warmly welcome Chris Williams, MD at RTW, Leo Hetherington, MD at NIB and their teams and look forward to assisting them to rapidly accelerate their growth post purchase.”
Chris (the 3rd generation owner of RTW) said he was “proud to be at the helm of RTW as it enters a new and exciting chapter. The business has traded independently for seventy years but the time is right to become part of a bigger, highly ambitious group where we can take advantage of GRP’s scale, broaden our product range and further enhance the service for our clients through our dedicated team.”
Leo said he was “delighted with the opportunity this transaction brings to his business, team and more importantly, his clients, and is looking forward to working with the Greens team to continue to drive the business forward.”
Mike Bruce, group managing director of GRP, said: “I’m delighted that Greens has continued its impressive start to 2020. All our hubs have strong acquisition pipelines and we expect to be announcing further deals in due course. Despite the challenges of COVID-19, GRP remains fully committed to its proven strategy of acquiring quality owner-managed brokers who want to generate value from their work, while remaining with their businesses to share in our successful future.”
He said the acquisitions “underline that it is very much business as usual for our retail broking division, following the announcement in February that Searchlight Capital Partners is investing in GRP. With Searchlight’s significant capital resources and our considerable growth ambitions, I fully expect that we will be announcing further deals in the coming weeks.”
About Green Insurance.
Greens writes personal and commercial insurance and has particular strengths in property and SME with its own unique wordings for property, commercial combined, shops & offices, motor trade and professional indemnity. The business now has ten branches in the South, including their regional central office in Bexhill.
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.
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.
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.