14 August 2015 Insurance

Global Risk Partners backs MBO at broker

Abbey Bond Lovis, a broker based in Northern Ireland, has completed a management buyout (MBO) backed by insurance investment vehicle, Global Risk Partners.

The firm, which transacts more than £25 million in gross written premiums (GWP), will continue to be led by the existing management team: Maurice Boyd, Stephen Carlisle, Gary Crabbe, Ken Alderdice and Patrick McMillen, who are all also investors.

Maurice Boyd, managing director of Abbey Bond Lovis, said: “Our MBO provides an ideal platform to further expand our footprint in Northern Ireland. With the support of Global Risk Partners, we plan to grow the business through acquisition of businesses, teams and individuals, maintaining our reputation as a client focused organisation providing a professional insurance and risk management service.”

David Margrett, chief executive of Global Risk Partners, said: “Backing the Abbey Bond Lovis MBO was an ideal opportunity to acquire an established broker with a strong reputation in the market and led by an excellent management team. Abbey Bond Lovis provides us with a scalable platform to expand in Northern Ireland.

“GRP is an ideal environment for entrepreneurial businesses, teams and individuals who wish to grow as part of an independent, strongly capitalised intermediary business.”

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