The deal aims to expand the broker’s footprint to the north west of England
Global Risk Partners-backed high net worth broker Gauntlet Insurance Services has made its first deal since being acquired by GRP in 2019.
Gauntlet has agreed to purchase the full share capital of Bolton-based Three Sixty Insure, a specialist private client broker.
Three Sixty’s founder Sam Cowen, his wife Julie Cowen and the rest of the team will stay with the business under its new ownership.
The deal is subject to regulatory approval.
Gauntlet’s managing director Steve Buckingham said:“Three Sixty is a quality business and a superb fit with Gauntlet.
”We share the same commitment to providing the very best customer service for discerning clients and we look forward to helping them take the business to a new level of growth and success with our support.
“Sam, Julie and their excellent team will continue to operate from [their] office in Bolton and will remain very much open to business, giving us a footprint in the north west of England.
“I’m thrilled that Three Sixty is our first acquisition - it’s a fantastic business with the potential to accelerate its growth.”
Incentives to grow
Established in 2008 as a niche private client broker, Three Sixty also provides business client insurance.
Meanwhile, London-based Gauntlet - which was founded in 1982 - is a private client broker specialising in insuring historic, fine town and country houses, fine art collections, jewellery, farms and estates, prestige vehicles and yachts.
It is responsible for covering assets valued at more than £8bn.
Cowen said: “We have thought long and hard about the next steps for Three Sixty and felt that becoming part of Gauntlet was the best possible move for us and our clients, who will derive significant benefits from being part of Gauntlet and the wider GRP group.
“Steve has given us every incentive to continue to grow under new ownership and we are very excited about the future for our business.”