DCJ founder David Jones said he hoped the GRP deal would enable the broker to grow by acquisition
GRP has acquired a majority shareholding in DCJ Group Insurance and Risk Management.
The Chesterfield-based broker had been in discussions with GRP for several months and writes 80% commercial lines and 20% personal lines business.
DCJ was founded by current chief executive David Jones.
GRP’s chief executive of broking, Mike Bruce, praised the work of Jones and managing director Chris Breeze and said the deal enhances GRP’s reputation as a “broker of choice” with regards to its ambitious retail acquisition programme.
Both Jones and Breeze will continue working for DCJ after the deal.
“The more we saw of the business the more we liked it,” Bruce said. “DCJ’s client focus results in superb retention and it has a strong track record of organic growth.”
And Jones said: “We want to grow the business, but while our organic growth is excellent, we were becoming frustrated in our efforts to grow by acquisition.
“We are now looking forward to accelerating our acquisition strategy alongside continued organic growth.
“GRP’s focus is on acquiring quality businesses, and they are experts at opening brokers’ doors.
“I anticipate that GRP will provide us with the contacts and resources to enable us to expand much more quickly than we could have achieved on our own.
“As the relationship has developed with GRP we’ve become more and more comfortable that DCJ will be in the best possible hands in the future.
“We are all very excited at becoming part of the GRP team and accelerating our ambitious vision for this business.”
And Bruce added: “This latest transaction comes hard on the heels of the acquisition of Guardian Insurance Brokers by The County Group.
“Quality remains the cornerstone of GRP’s drive to become the largest independently owned insurance business in the UK regional space.”
GRP has acquired 32 businesses to date and handles in excess of £650m GWP.
The deal has received regulatory approval.
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