GRP continues acquisition spree with Five Insurance Brokers

Global Risk Partners (GRP), an acquisitive insurance broking and managing general agency (MGA) investment vehicle, has acquired Ipswich-based Five Insurance Brokers, a provider of commercial insurance to the construction, manufacturing & process, haulage, motor trade and warehousing sectors.

The move follows GRP's recent acquisition of Marsh’s UK Networks business to cement its position in the retail commercial broking market.

Five Insurance Brokers was founded in 2010 by its directors Jeremy Howard, Robert Shurety, Lindsay Drain, Stuart Paris and Simon Hughes.

Following the deal, the business will remain in its current location and continue to be led by its existing management team. All employees will stay with the business under new ownership, although one of the directors, Jeremy Howard, has decided to step away from the business following completion.

GRP will make Five Insurance Brokers an appointed representative (AR) of the group.

Stephen Ross, GRP’s head of M&A, said: “This is a high-quality business with an experienced, highly entrepreneurial management team. Five Insurance Brokers have good roots in East Anglia and give us a significant footprint in this part of the country.

“Despite our announcing the major acquisition of Marsh Networks UK last week, this deal underlines the continued strength of our pipeline and that we continue to have a strong appetite to bring deals across the line.”

Shurety, director at Five Insurance, said: “At a time when we are seeing rates hardening across our specialist sectors, it is important that we obtain the best possible deals for our clients, maintaining the level of cover they need at the right price. As part of GRP, we’ll improve our access to senior decision makers within insurers, which will help us strike better deals for our clients.

“In summary, this is a great deal for Five Insurance Brokers and our clients and we are fully expecting to accelerate our profitable growth under new ownership.”

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