GRP acquires Gauntlet Insurance Services
Global Risk Partners (GRP), a vehicle aimed at acquiring brokers and managing general agents (MGAs), has acquired London-based Gauntlet Insurance Services, a private client broker specialising in the insurance of historic, fine town and country houses, fine art collections, jewellery, farms and estates, prestige vehicles and yachts.
The business, founded in 1982 by Harry Fitzalan Howard, is responsible for covering assets valued at more than £8 billion. The directors, Harry Fitzalan Howard, Steve Buckingham and Simon Aitken and all of the staff will stay with the business under GRP’s ownership. Post transaction Harry Fitzalan Howard will become chairman and Steve Buckingham will become managing director.
Gauntlet will retain its standalone status within GRP’s retail division, under the overall leadership of group MD Mike Bruce.
Bruce said: “We are delighted to have acquired such a prestigious business with a high-quality management team and an excellent reputation in the market. I warmly welcome Harry, Steve, Simon and the rest of the Gauntlet team to the GRP family, where we look forward to supporting their exciting plans for further development.”
Harry Fitzalan Howard added: “In GRP we have found the ideal partner to continue our development and to further enhance our service proposition. I am excited about the future opportunities for Gauntlet as part of GRP.”
The deal has received regulatory approval and the consideration is undisclosed. Global Risk Partners Limited (GRP) is a vehicle aimed at acquiring brokers and managing general agents (MGAs) trading in the UK retail and global, specialty insurance markets. It was established in 2013 by Peter Cullum - chairman, David Margrett - chief executive, and Stephen Ross – chief operating officer, and is backed by private equity firm Penta Capital LLP.
GRP acquires businesses, teams and portfolios that have niche, non-commoditised, specialty propositions and strong profitability.
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