GRP acquires Marsh’s UK Networks business in 'bold move'

Global Risk Partners (GRP), an acquisitive insurance broking and managing general agency (MGA) investment vehicle, has agreed to acquire broker Marsh’s UK Networks business that comprises Marsh ProBroker, Bluefin Network and Purple Partnership. GRP's majority shareholder Searchlight Capital described the deal as a “bold move”.

GRP group CEO Mike Bruce hailed the transaction as “a great leap forward for GRP, with the Group now placing or influencing well over £1.6bn of GWP, and cementing our position as one of the UK’s leading retail commercial broking providers.”

“Marsh’s UK Networks business is a superb strategic fit for GRP and will give us unprecedented growth and investment opportunities,” he said.

As part of the agreement, Marsh’s UK Networks team will move across to GRP. David Hopwood, head of the UK Networks business, will continue to head up the business under new ownership.

Additionally, some staff in Marsh Commercial’s London Markets Business (LMB) team, led by Bob Peterson, will also transfer to GRP. Peterson will continue to lead the team which will become part of Lonmar, GRP’s Lloyd’s and London markets division. The LMB’s Placement team, which supports Marsh Commercial’s branches, will remain with Marsh.

The acquisition also includes Marsh Connections, Marsh Labyrinth and Broker2Broker (B2B), part of Marsh’s wider UK networks business, which provide brokers with access to a range of products and facilities.

Following the completion of the deal, expected by the second quarter of 2021, GRP will launch a new single networks division to be branded Hedron.

Hopwood said: “We are very excited to be taking our members on this next step, where we believe we can capitalise on our firm foundations to generate accelerated growth and success for our 256 members and around 400 trading partners.”

Chris Lay, CEO of Marsh, UK & Ireland, added: “I am pleased that GRP is to become the new custodian for our UK Networks business. Mike Bruce and his team understand the broking business and market environment our members operate in and will ensure that our Networks colleagues and the Network members can continue to thrive. We have a very strong position in the SME segment, and we are excited about the organic growth opportunities in our Marsh Commercial business. This transaction will enable us to increase our investment and focus on the core Marsh Commercial offering to the UK SME market.”

Andrew Frey, partner at Searchlight Capital Partners, which acquired GRP in 2020, commented: “This is just the kind of bold move we expected when we invested in GRP. The addition of Marsh’s UK Networks business to GRP’s business portfolio will enable their members to derive the considerable benefits that come with being part of our Group. I am confident that all parties will achieve significant value from this acquisition.”

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