Peter Cullum-backed consolidator Global Risk Partners (GRP) has bought London-based specialist professional indemnity retail broker Cavendish Munro Professional Risks.
The acquisition is GRP’s fourth transaction this year following the Lonmar, McGrady and Synergy deals.
The new deal will take GRP’s annual gross written premium to over £370m.
Cavendish Munro focuses on providing professional indemnity (PI) cover to surveyors, architects, solicitors, accountants and engineers.
Managing director Paul Byrne will continue to lead Cavendish Munro, and is a co-investor in the business alongside GRP.
Cavendish Munro chairman Neil Stables will retire on completion of the transaction.
Byrne said: “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.”
GRP broking chief executive Mike Bruce (pictured) said: “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.”
Cullum, GRP’s chairman, said: “This represents an important strategic acquisition following hard on the heels of Lonmar, McGrady and Synergy, making a total of four deals completed already this year. This coupled with a strong pipeline augurs well for a hugely successful 2016.”
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