GRP swoops for commercial broker Castle to expand UK footprint
UK-based independent insurance intermediary Global Risk Partners (GRP) has unveiled its first M&A deal since agreeing to be acquired by US-based broker Brown & Brown.
GRP has acquired 100% of the share capital of Castle Insurance Services, its first deal in the Northeast of the UK.
Castle operates from offices in Durham (the centre of its operation) with a second office in Newton Aycliffe, and writes a wide range of commercial insurances, as well as some personal lines business.
All the current team will remain with the business under new ownership, and it will retain its brand and offices.
GRP’s head of M&A Stephen Ross (pictured) said Castle will become GRP’s base in the North East from which to grow the UK retail business footprint further through acquisition and organic growth.
“We have been searching for a well-established, dynamic brokerage in the North East for some time, and we are really pleased to acquire Castle, a well-regarded, family-owned brokerage which has grown fast since it was established in 1990.”
Stephen added: “We found with previous regional acquisitions that, once we have established a footprint in a particular geography, we are able to accelerate our pipeline of deal opportunities thanks to the local knowledge and contacts generated by the acquired business. We are confident of achieving a similar trajectory with the Castle team.”
Paul Younger, founder of Castle, said: “This is a perfect moment for us to join the GRP family of businesses. We have seen how other GRP acquisitions have grown rapidly as a result of the added firepower provided by the parent and we want to achieve the same.”
“There is a wealth of opportunity in the North East for entrepreneurial brokerages such as ours, and we look forward to being a key part of GRP’s ambitious plans for this part of the world.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze