In the period to 30/9/21, Global Risk Partners (GRP) has continued to see significant growth. Run-rate EBITDA has climbed by 30% to £80m (2020: £61m) and run-rate income has risen by £34m to £197m (2020: £163M).
Following major acquisitions Hedron Network (from Marsh UK) and the Northern Ireland book from Willis Towers Watson and a number of other deals, gross written premium influenced by GRP doubled to c £1.8bn (2020: 900m). This continues the fast pace of growth since the acquisition of a majority stake in the business by Searchlight Capital Partners in June 2020.
Commenting, Mike Bruce, GRP Group CEO said: “This is a strong performance by GRP during challenging times for the industry. 2021 has been a sea change for GRP in terms of scale as we have doubled the amount of GWP we control and our EBITDA in 2021 jumped by 30%, building on a 20% increase between 2019 and 2020.”
Mr Bruce said GRP had met every one of the goals it had set after the Searchlight acquisition, namely:
· Supporting our hub brokers in making 13 acquisitions and completing four group acquisitions:
· A 5% improvement in our NPS to +60, 25% higher than comparable insurance brands, via our NPS annual survey of 80,000 clients
· Supported and improved our employees’ wellbeing during the pandemic.
Turning to acquisitions, Mr Bruce said that during the period, GRP had also achieved its aims of entering the Irish market (Crotty acquisition), buying a digital broker (Insync), entering the health insurance sector (Premier Choice Healthcare) and buying a network (Hedron).
“We have created a business of scale, with a focus on high quality client outcomes and profitable results for insurers and for our investors,” he said.
Looking ahead, Mr Bruce said: “We are very well positioned to capitalise as the economy emerges from the pandemic and our pipeline of acquisitions is as strong as ever, underlining the enduring value of our business model.”
In summary, Mr Bruce said: “This is an excellent performance across all aspects of our business during unprecedented trading conditions. I want to thank both management and our 2000 employees for their resilience and focus during the pandemic.”