Global Risk Partners (GRP) has acquired the renewal rights to seven books of business from Aon in the UK. Stephen Ross, Head of M&A for GRP, said the portfolios will be controlled by individual GRP hub brokers which have expertise in each of the relevant market segments.
Stephen said that the deal included a significant Northern Ireland book of business, which is the largest in the portfolio and includes a high-quality mix of motor fleet, SME and corporate policies.
He said: “This is a significant acquisition for our Northern Ireland hub, Abbey Bond Lovis, and reinforces its market leading position.”
GRP’s Yorkshire hub, Marshall Wooldridge and Higos, GRP’s hub in the South West will be responsible for the remaining business.
Stephen continued: “This deal continues the M&A momentum we have made since the recent investment into GRP by Searchlight. Portfolio acquisitions are a key element of our growth strategy.”
Mike Bruce, GRP’s CEO, said that, with some normality returning to the market as the crisis subsides, he expects GRP to ramp up deal flow.
“Despite the current COVID-19 environment, our recent transactions provide clear evidence that our appetite for quality acquisitions is as strong as ever. We will be bringing more deals across the line during the rest of this year.”
Jane Kielty, Managing Director, UK Retail, Commercial Risk Solutions, Aon said: “We are pleased to have reached an agreement with GRP for these books which were part of our Northern Irish, affinity and micro business in the UK. We believe GRP is a better long-term home for these clients, which sit outside Aon’s areas of focus within the UK market.”
About Global Risk Partners
GRP was founded in 2013 and has grown rapidly to become the UK’s second largest independent insurance intermediary with Gross Written Premium in excess of £800m and more than 1,600 employees.
GRP operates retail broking, specialist MGA and Lloyd’s businesses, enabling the Group to serve the growing insurance and risk management needs of its clients. The group acquires businesses, teams and portfolios that have niche, non-commoditised, specialty propositions and strong profitability.
In June 2020, Searchlight Capital Partners, a global private investment firm, acquired a majority stake in GRP.