Global Risk Partners acquires UK broker
Global Risk Partners (GRP), a specialist investment vehicle for brokers and managing general agents (MGAs), has acquired UK broker The County Group.
Crewe-based County Group becomes GRP’s second acquisition in 2018 and is the next major step in executing the Group’s UK regional hub strategy, according to the press release. The acquisition has received regulatory approval.
Mike Bruce, GRP’s CEO broking, hailed the deal as a strategically important addition to GRP’s portfolio of entrepreneurial businesses. “The County Group is a highly respected and well-known business and will play a key role in achieving our growth plans as GRP’s hub for the North West.”
Bruce added: “This acquisition follows the funding round we completed before Christmas, and adds considerably to our breadth and depth in UK retail broking”.
The deal grows GRP’s gross written premium to “well over” £650 million.
“Our 2018 pipeline remains very strong and we anticipate making further deals this year, building on the 12 deals we completed in 2017, including acquisitions through our regional hubs,” Bruce noted.
The County Group writes small and medium-sized enterprises (SME) and personal lines insurance and delivered gross written premium of £72 million “this year”, according to the press release. The business is now aiming to double in size during the next five years.
The County Group CEO Dave Clapp, said: “With the firepower now available from a business the size and scale of GRP we can accelerate our ambitious plans, something that was becoming more challenging with traditional funding routes.”
Clapp added: “The County Group will continue with its strategy of purchasing, nurturing and developing great businesses, increasing our footprint and delivering a high quality service to our customers across the UK with the support of the Group’s panel of insurer partners.”
The current management team will stay with the business as it moves to new ownership, the company said.
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