Global Risk Partners acquires UK-based broker; plans to double its size
Global Risk Partners (GRP) has acquired UK-based Marshall Wooldridge, a commercial insurance broker which controls in excess of £20 million gross written premiums (GWP).
The acquisition is part of a strategic plan to double the size of Marshall Wooldridge in the next three years, both organically and through local acquisitions.
James Hall, managing director of Marshall Wooldridge, will continue to lead the business and is a co-investor.
Mike Bruce, chief executive of Broking for GRP, said: “I am delighted we have completed the acquisition of Marshall Wooldridge – it is a highly regarded broker with a strong reputation in both the local market and within its specialist areas.
“This is a key acquisition for GRP’s broking business as we continue to focus on our strategy of developing a national footprint of quality commercial brokers.
“In addition to working with James and his excellent management team to accelerate their own growth plans, Marshall Wooldridge will provide a regional base to accommodate further acquisitions we have already identified, and the recruitment of high quality teams and individuals in Yorkshire and the surrounding counties.”
James Hall, managing director of Marshall Wooldridge, added: “We are delighted to have joined GRP’s high growth broking operation which will enable the business to benefit from greater distribution for our specialist products and access to markets.
“GRP’s model is ideal for our staff and clients, as we will continue to trade under the Marshall Wooldridge name, but benefit from the financial backing and management expertise of GRP.”
David Margrett, chief executive of GRP commented: “We consider Marshall Wooldridge to be the standout broker in the region and are keen to rapidly accelerate its growth.
“This acquisition is a key move in our retail broking business and we expect to be announcing a number of further acquisitions over the next few months.
“2016 has been a transformational year for GRP, with Marshall Wooldridge being our seventh acquisition of the year, with our GWP now in excess of £420 million.”
