GRP completes fourth deal of the year, with Cavendish Munro investment

Global Risk Partners (GRP), an acquisitive insurance broking and managing general agent (MGA) investment vehicle, has completed its investment in Cavendish Munro Professional Risks, the specialist retail broker.

This is the fourth deal made by GRP this year, following those of Lonmar, McGrady and Synergy.

Cavendish Munro is a London-based professional indemnity (PI) specialist focused primarily on the surveyor, architect, solicitor, accountant and engineering sectors. Following this transaction, the annual premium transacted across GRP’s businesses increases to over £370 million.

Paul Byrne, managing director, Cavendish Munro, will continue to lead the firm, and is a co-investor in the business going forward.

Neil Stables, chairman, Cavendish Munro, will be retiring on completion of the transaction.

Byrne said: “We are delighted to have joined GRP’s expanding broking operation where we see great opportunities to continue to develop our business.

“Having founded Cavendish Munro ten years ago, the time was right to become part of a larger business, where we can benefit from greater distribution and insurer relationships.”

Mike Bruce, chief executive officer, broking, GRP, added: ”Cavendish Munro has enjoyed excellent growth in recent years, and through its strong client focused culture, has established itself as a specialist in its chosen fields.

“I am looking forward to working with Paul and the team to accelerate this positive growth trajectory and for Cavendish Munro to establish itself as the specialist PI provider within our growing broking business.”