Higos, part of the GRP Group, has acquired Devon-based GMM Commercial to enhance presence in the south-west
Higos Insurance Services Ltd, part of the Global Risk Partners Group has acquired GMM Commercial Insurance Services Ltd.
Last month, GRP obtained £200m of additional funding for acquisitions in pursuit of its target to reach £1bn gross written premium.
Chief executive of GRP, David Margrett had previously said that its pipeline is “quite strong,” and that he expects the pace of acquisition to accelerate.
It looks like GRP has wasted no time in adding to its portfolio with the Devon-based broker.
Ian Gosden, managing director of Higos, said: “We warmly welcome Simon Rice and his six-strong team to Higos. They are a high-quality business with an excellent reputation in the South West, and will considerably strengthen our presence in South Devon.”
GMM wrote £2m of GWP last year, and all the team will stay with the company as it moves across to new ownership.
The deal is the fourth Higos has completed since it was acquired by Global Risk Partners (GRP) in March 2017, following the acquisitions of Courtenay Insurance, Mellerup’s and Colin Fear Ltd.
Simon Rice, managing director of GMM said: “GMM has been my passion for 35 years, and I am delighted to secure our future with Higos. Ian painted a compelling picture of the opportunity for GMM as part of Higos, and the wider GRP family, as well as for our customers, who will benefit from a broader set of products and further improvements in service.”
Mike Bruce, GRP’s chief executive for broking, also welcomed the acquisition and said: “This is the fourth deal made by Higos in the past nine months, following Courtenay, Colin Fear and Mellerup’s, and is a good illustration of the strategy for our regional hubs, namely combining smart acquisitions with accelerating organic growth.”
Gosden also teased of more acquisitions coming this year, saying “we continue to develop acquisition opportunities in the South West, and look forward to further strengthening our portfolio during 2018.”
The acquisition has received regulatory approval, and the consideration is undisclosed.
It was completed today (2 January).