GRP snaps up UK commercial lines broker Newstead
Global Risk Partners (GRP), an acquisitive insurance broking and managing general agency (MGA) investment vehicle, has acquired Newstead Insurance Brokers of Birmingham.
Newstead is a commercial lines broker writing corporate, SME and private clients insurance. The company is based in Edgbaston with representation in London and Stoke.
Following the deal, which has already received regulatory approval, Newstead's managing director Paul O’Donnell, directors Julian Simon and Sarah Giles and all staff will remain with the business.
Stephen Ross, GRP’s head of M&A, said: “Newstead is a flag in the ground in Birmingham from which we are keen to build. Paul, Sarah and Julian have a strong entrepreneurial heritage and are hungry to grow organically and by acquisition.”
Mike Bruce, GRP CEO, added: “I warmly welcome Newstead to GRP and look forward to them making a significant impact to our footprint in Birmingham.”
O’Donnell commented: “GRP is a fantastic business for us to be part of and the opportunity to draw from their financial muscle, technology and range of services is great news for us and good for our clients too.”
“In the current hardening market and with the wider uncertainty from the pandemic, there is value to be had from being part of a bigger organisation with the great reputation for looking after its brokers that GRP enjoys.”
