Global Risk Partners hits century of acquisitions
Global Risk Partners (GRP), the retail broking and MGA intermediary group, has made its 100th acquisition since the UK business was founded in 2013.
GRP has secured the general insurance portfolio of Woodward Markwell Insurance Brokers Ltd (WM Brokers Ltd). Under its new custodians, the Ipswich-based firm will trade under the name WM Brokers Ltd and will be GRP's hub business for the East Anglia region.
The newly acquired broker has been writing insurance for the last 40 years and is a highly respected business with strong links in the business community, GRP said. It is primarily focused on SME but with a particular specialism in haulage.
Managing director David McGowan and fellow director Toni Vincent-Panich will remain at the helm and transfer across with the business, alongside their general insurance colleagues. Outgoing director Julie Dyer will remain with the business for a number of months in her current role to ensure a seamless transfer.
Commenting on a century of deals, Mike Bruce (pictured), GRP CEO, said: “Through a combination of single-minded determination, client focus and astute deal-making we have generated powerful momentum and excellent results.
“In celebrating our 100th deal we have shown the true value of a devolved, empowered consolidation model that works for our people, brokers, clients and our insurer partners.”
Bruce added that acquiring this portfolio is an important next step in achieving nationwide coverage for the group.
“We have stated our intention to trade across the whole of England and Wales, as well as Northern Ireland, and this acquisition is a key landmark in that strategy. WM Brokers is a high quality business with a solid footprint in East Anglia.”
Bruce described David McGowan and his team as “highly impressive and experienced entrepreneurs” whose strength as a unit was a key factor behind GRP's interest in the business.
“WM Brokers will be a valuable addition to our portfolio and we look forward to supporting them on the next stage of their growth journey.”
McGowan commented: “It is great to become the 100th and newest member of the GRP family.
“ GRP has a reputation for supporting ambitious brokerages with a strong entrepreneurial ethos. We see this deal as an opportunity to significantly grow our presence in East Anglia and deliver an ever wider portfolio of products and services to our clients.
“I am excited by the opportunities that lie ahead. GRP will, I’m convinced, be excellent custodians for our business, our colleagues and our clients.”
The deal has received regulatory approval and the consideration is undisclosed.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
