The deal represents a ‘great opportunity’ to expand GRP’s regional footprint in South Wales and the West
Global Risk Partners (GRP) has acquired commercial broker Prescott Jones.
The business is headquartered in Swansea, South Wales and operates from offices in both Bristol and Cardiff, with a focus on business insurance, professions, property and construction, as well as private clients.
As part of the move, Prescott Jones’ management and colleagues will remain with the firm.
Prescott Jones was established in 1991 by founders Ed Prescott and Gareth Jones – the partners first began their careers at Sun Alliance, which later merged with Royal Insurance in 1996 to become RSA.
GRP head of mergers and acquisitions Stephen Ross said that the deal represented a “great opportunity” to expand the firm’s footprint in South Wales and the West of England.
He continued: “Our expectation is that we will leverage Prescott Jones’ local connectivity in the South Wales and Western broking community to identify further opportunities for M&A.
“This is an important acquisition for GRP. Prescott Jones is a terrific business with a highly experienced, entrepreneurial management team, all of whom will be staying on and driving forward their ambitious growth plans.”
Prescott, meanwhile, who now serves as managing director, said that the team is “enthused by the new opportunities GRP will bring as owners”, while further highlighting that he sees the broker’s new parent’s “owner-driver philosophy and support” as “hugely compelling”.
“We don’t feel that we will be subsumed into a big machine, rather given the resources and support to go out and do our own deals, as well as continuing to grow organically.
“I want Prescott Jones to build the same level of success enjoyed by other ‘hub’ businesses in the GRP stable, such as County Group and Higos in our part of the world.
“It is a very exciting time for all our people here at the business and I’m confident that GRP will prove to be excellent custodians for our brand, our people and our customers,” he said.