Consolidator buys its 29th broking buisness
Global Risk Partners Ltd (GRP) has acquired Burnley-based Thomas Sagar Insurances.
Sagar is a chartered insurance broker based in Burnley that provides insurance solutions for the corporate, business and private sectors. Founded 60 years ago, Sagar employs 24 people and wrote over £9m GWP last year.
Mike Bruce, GRP’s chief executive of broking said: “This is a quality business with an excellent track record in Lancashire, and strong ties to the community where it operates. We have been highly impressed with their focus on client servicing and look forward to assisting directors John and Susan Meadows and their team take Sagar to the next stage in its journey.”
Bruce added: “Sagar sits neatly between Marshall Wooldridge in Yorkshire and County Group in Cheshire/Manchester and, alongside our recent acquisition of Preston-based CCIB, delivers a considerable boost to the Northern footprint of GRP’s Broking Division.”
He said: “We will continue our strategy of acquiring first class regional brokerages to join our high quality portfolio of growth businesses that deliver value for customers, staff, insurer partners and investors.”
Sagar is GRP’s 29th acquisition to date. The consolidator handles more than £650m in gross written premium.
Husband and wife team John and Susan Meadows have been the driving force behind Sagar for many years and will continue to run Sagar under GRP’s ownership.
John Meadows said: “GRP offered us a compelling opportunity to create value from our successful stewardship of the business, and, looking ahead, to help us become a stronger proposition under new ownership.”
“Our clients will benefit from new products and services available to us via the GRP portfolio of successful MGAs and brokers, and their relationships with blue chip insurers will enable us to further improve our competitiveness.”
The acquisition has received regulatory approval.
Financial terms were not disclosed.