Aon UK sells seven books of business to GRP
Global Risk Partners (GRP), an acquisitive insurance broking and managing general agency (MGA) investment vehicle, has acquired the renewal rights to seven books of business from Aon in the UK.
The deal includes a Northern Ireland book of business, which is the largest in the portfolio, and a mix of motor fleet, SME and corporate policies.
The acquired portfolios will be controlled by individual GRP hub brokers which have expertise in each of the relevant market segments. GRP’s Yorkshire hub, Marshall Wooldridge and Higos, GRP’s hub in the South West will be responsible for the remaining business.
Stephen Ross, head of M&A for GRP, said: “This is a significant acquisition for our Northern Ireland hub, Abbey Bond Lovis, and reinforces its market leading position.”
“This deal continues the M&A momentum we have made since the recent investment into GRP by Searchlight," he added. "Portfolio acquisitions are a key element of our growth strategy.”
Mike Bruce, CEO of GRP, said that with some normality returning to the market as the crisis subsides, he expects GRP to ramp up deal flow.
“Despite the current COVID-19 environment, our recent transactions provide clear evidence that our appetite for quality acquisitions is as strong as ever. We will be bringing more deals across the line during the rest of this year,” he said.
Jane Kielty, managing director, UK Retail, Commercial Risk Solutions, Aon said: “We are pleased to have reached an agreement with GRP for these books which were part of our Northern Irish, affinity and micro business in the UK. We believe GRP is a better long-term home for these clients, which sit outside Aon’s areas of focus within the UK market.”
