£5m GWP broker secures investment from Peter Cullum-backed MBP

Minority Broker Partnerships (MBP) has acquired a minority stake in Raw Insurance Brokers.

Based in Carlisle, Raw Insurance is a commercial broker that specialises in construction, agricultural and SME business insurance.

The business currently places approximately £5m in gross written premium (GWP). The investment from MBP will support its next phase of growth, with a strategy to expand through targeted acquisitions and continued organic development over the coming years.

Stephen Ward, director at Raw Insurance, said: “We’re really pleased to welcome MBP as a minority investor.

”This is a positive step for us and comes at an exciting time in our journey. We’ve built Raw steadily over the years with a strong focus on service, relationships and doing things properly for our clients. This new partnership allows us to accelerate our growth plans while remaining fully independent and continuing to run the business day-to-day.

”With MBP’s backing, experience and insurer relationships, we are in a stronger position to invest in the future, acquire other brokers and build Raw into a larger regional brokerage over the next seven to 10 years.”

Fifth investment

MBP, which is backed by industry veteran Peter Cullum, typically invests a minority stake in brokers, which enables owners to release some capital but stay in control of their business.

Other firms it has invested in include Sturdy Edwards, Moonrock Insurance and Cyber Cover.

Following the Raw Insurance deal, James McCaffrey, chief executive at MBP, said: “This is MBP’s fifth investment in the last five months and we are delighted to partner with Ryan Roberts [director] and Ward to help them grow Raw on the next step of their exciting journey.

”The partnership will see us take a minority shareholding in the business, while the existing leadership team retains control of the company and continues to lead its day-to-day operations.

”Clients will continue to receive the same high level of service and personal support that Raw is known for. MBP will complete its sixth investment in a few weeks’ time and is on target to complete 10 investments by the end of 2026.”