Global Risk Partners completes Higos deal while broker makes another acquisition
Global Risk Partners (GRP), a private-equity-backed investment vehicle aimed at brokers and managing general agents (MGAs), has completed the acquisition of commercial and personal lines insurance broker Higos.
While first announcing the transaction on February 8, the company’s chairman Peter Cullum said that the deal represented an important move towards GRP's target of reaching £1 billion in gross written premiums (GWP).
In addition, England-based Higos Insurance Services has recently announced that it has expanded its footprint into Cornwall by acquiring broker Courtenay Insurance Services.
Ian Gosden, managing director of Higos, said: "Expanding into Cornwall has been a long-term ambition for Higos and we intend to continue to grow quickly, both organically and through acquisition, as we build a thriving hub in the South West, benefiting from GRP’s resources and firepower."
Mike Bruce, CEO broking at GRP, commented: "Our acquisition of Higos is a growth story, and today's news underscores our intention to help Ian Gosden build Higos' reputation as the pre-eminent broker in the South West, with an acquisition strategy that enables owners to run their business but also create value from their life's work."
He added: "At the time, we said that Higos was a significant, high quality addition to our business and a key step forward in realising GRP's UK retail hub strategy. The acquisition of Courtenay is the first of a number of local acquisitions which will complete during the coming months, and I warmly welcome Steve Cowling to our wider team."
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