Global Risk Partners acquires UK firm with nine broking, MGA businesses
Global Risk Partners (GRP), a specialist investment vehicle for brokers and managing general agents (MGAs), has acquired a UK-based firm with a portfolio of nine leading specialist insurance broking and managing general agency (MGA) businesses.
Trimulgherry Investments (TIL), majority owned by Peter Cullum who previously served as the executive chairman of Towergate until April 2015, comprises three MGAs and six brokers, one of which is a commercial broker. In total, the TIL portfolio controls approximately £45 million of GWP.
Following the deal, the commercial broker LDS will become GRP’s retail hub for North London and Essex, while the three MGAs – Lexicon, Oasis Property Insurance Services and Cherish - will become part of GRP’s underwriting division.
Mike Bruce, GRP’s group managing director, said TIL was a natural fit for GRP as it is a significant addition to GRP’s overall GWP which is now greater than £700 million.
“All nine businesses trade independently of each other in their clearly defined niche market segments, and are showing strong growth, but they are highly complementary and will integrate smoothly into our MGA and retail broking divisions,” Bruce said. “As a result, we expect to create significant synergies and free up the management teams to focus on what they’re good at, namely looking after their clients and growing their books.”
“These are businesses with a strong track record in specialty niches, including park homes and caravans, property owners, non-standard household and healthcare professionals. The deal will deliver enhanced distribution and a wider range of targeted products and services for our clients,” Bruce added.
James McCaffrey, chief executive of TIL, said: “It was always our ambition to bring TIL together with GRP, and we are now at the right stage of our development to do so. In our sector, successful businesses tend to be those which build scale and develop niche propositions, supported by technology, and we expect TIL to take full advantage of being part of GRP.”
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