Global Risk Partners edges towards £1bn GWP aim with latest acquisition

Global Risk Partners (GRP), a private-equity-backed investment vehicle aimed at brokers and managing general agents (MGAs), has acquired Higos Insurance Services, a commercial and personal lines insurance broker.

The company’s chairman said this latest deal represented an important move towards GRP’s target of reaching £1 billion in gross written premiums (GWP). GRP was formed in 2013 and is backed by Penta Capital.

Higos was founded by its managing director Ian Gosden in 1990 and serves the business community in the South West from over 20 locations. The company employs around 300 staff and handles in excess of £50 million gross written premiums. The firm’s existing management team will continue to lead the business.

Peter Cullum, founder and chairman of GRP, said: “Ian has built Higos to be the standout broker in the region and we look forward to working with him and his colleagues to accelerate its growth.

“This acquisition represents another key investment in our retail broking strategy and we expect to be announcing a number of further investments over the next few weeks, in line with our strategy of helping brokers who want to create value from their life’s work.

“With the addition of Higos to the GRP group, our total premium is now in excess of £470m, well on the way to achieving our £1bn GWP target.”

Mike Bruce, CEO of broking for GRP, said the acquisition represents “a significant, high quality addition to our business and a key step forward in realising GRP’s UK retail hub strategy.”

He added: “There will be an immediate focus on accelerating Higos’ recent growth by completing a number of local acquisitions that have already been identified.

“At our results announcement last November we made it clear that our priority is to build distribution by growing our network of regional UK hubs. After Marshall Wooldridge in Leeds was acquired in September 2016, the acquisition of Higos ensures we are now well-placed to expand our presence in the South West, and I am delighted to welcome Ian and his team to GRP.”

Ian Gosden, managing director of Higos, added: “After 26 years of steering my own ship I am delighted for Higos to join forces with GRP, who are committed to supporting our core values of community broking and independent professional advice. With the support of GRP, and my senior management team, I am excited for the future and the increased opportunities we can now take advantage of.”

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