5 February 2015 Insurance

Global Risk backs Ropner management buyout

Global Risk Partners (GRP) has backed marine broker Ropner in its completion of a management buyout (MBO).

Ropner’s management team, led by Richard Steel, chief executive, will continue to lead the independent Lloyd’s broker.

Steel said: “Our MBO provides an ideal platform for growth that will benefit our clients, staff and insurer partners. With the support of GRP we plan to expand the business through acquisition of teams, individuals and portfolios, maintaining our reputation for quality service and a professional response to all of our clients’ needs worldwide.”

David Margrett, chief executive of GRP, said: “Backing the Ropner MBO was an ideal opportunity to acquire an established Lloyd’s broker with a strong reputation in the market.

“GRP is committed to developing its specialty broking platform with expertise in attractive market segments. Our role is to support Richard and his excellent management team as they continue to develop their business.”

“GRP, with its fast growing stable of speciality MGAs and broking businesses, in which each management team has a significant equity stake, is an exciting platform to which new teams and portfolios – retail and wholesale – will be added. With over £125 million of premium income, our business is increasingly attractive to people wishing to be part of an entrepreneurial group.”

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