Searchlight Capital Partners to acquire majority stake in Global Risk Partners

Independent insurance intermediary Global Risk Partners (GRP) has received a major investment from Searchlight Capital Partners (Searchlight), a global private investment firm.

GRP founders Peter Cullum CBE and David Margrett and founding investor Penta Capital will all retain minority stakes, alongside the broader management team. Ares Management will also continue as an important capital provider to GRP.

The acquisition is subject to regulatory approval and following its completion, Mike Bruce, group managing director, will become group chief executive. The group will also continue to benefit from the expertise of its founders, with David Margrett becoming non-executive chairman and Peter Cullum remaining on the board as a non-executive director.

Founded in 2013, GRP has grown rapidly since inception, both organically and through acquisitions. Today, it has GWP approaching £800 million ($1 billion) and more than 1,600 employees. It operates retail broking, specialist MGA and Lloyd’s businesses.

Searchlight is a global private investment firm with over $7 billion in assets under management and offices in New York, London and Toronto.

GRP founders Peter Cullum CBE, executive chairman and David Margrett, group chief executive said:
“We are both immensely proud of the business we have helped build from a standing start. In little over six years, it has grown to become one of the largest insurance intermediaries in the UK.

“We are delighted that Searchlight will become the new majority shareholder in GRP. Searchlight is an ideal partner and it was obvious from an early stage that its ambition for the business and understanding of the opportunity was closely aligned with the Group’s values and vision.”

Andrew Frey, partner at Searchlight, said: “We are delighted to be partnering with GRP and its management team. The Group’s differentiated ‘hub and spoke’ model and entrepreneurial, owner-driver culture has enabled GRP to build a leading market position through impressive growth. By combining local presence with deep data-driven expertise, GRP offers a better product set and a superior service to its clients. This customer centric culture is at the heart of our investment thesis and our high confidence in the Group’s exciting future. We look forward to partnering with Peter, David, Mike, Penta and the entire GRP team to drive the next chapter of GRP’s success.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​​​Chubb launches unique non-damage terrorism solution for businesses
Application to stay SCOR’s UK proceedings against Barclays dismissed
No stopping commercial property market impacts in Q1 & Q2 - RPS
Marsh & McLennan Agency acquires Momentous Insurance Brokerage
​​​ Insurance leader calls for greater government guidance to combat climate risk
Essent Group closes $495.9m reinsurance transaction and related mortgage ILNs
QIC Group reports net profit of $184 million in 2019
Tokio Marine and Safety Insurance complete their integration

Don't miss our insurtech email newsletter - sign up today