Abbey Bond Lovis management team will continue to lead the business and are co–investors

Peter Cullum

Northern Ireland broker Abbey Bond Lovis, has completed a management buyout (MBO) backed by insurance investment vehicle, Global Risk Partners Limited (GRP), to support its growth plans.

The Abbey Bond Lovis management team, Maurice Boyd, Stephen Carlisle, Gary Crabbe, Ken Alderdice and Patrick McMillen will continue to lead the business and are co–investors.The broker controls around £25m in gross written premium.

Boyd said: “Our MBO provides an ideal platform to further expand our footprint in Northern Ireland.

“With the support of GRP, we plan to grow the business through acquisition of businesses, teams and individuals, maintaining our reputation as a client focused organisation providing a professional insurance and risk management service.”

GRP was founded by former Towergate boss Peter Cullum and David Margrett, who heads up the broking investment outfit.

GRP chief executive David Margrett added: “Backing the Abbey Bond Lovis MBO was an ideal opportunity to acquire an established broker with a strong reputation in the market and led by an excellent management team.

“Abbey Bond Lovis provides us with a scalable platform to expand in Northern Ireland.

“GRP is an ideal environment for entrepreneurial businesses, teams and individuals who wish to grow as part of an independent, strongly capitalised intermediary business.

“With over £200m of premium income, we are growing quickly. Our owner-driver approach gives each management team a significant equity stake in their business, creating an attractive opportunity for both retail and wholesale businesses to be part of our group.”