33rd acquisition pushes consolidator over the £700m GWP mark
GRP has made its 33rd broker acquisition, boosting its gross written premium over the £700m mark.
The consolidator has bought Northern Ireland broker Digney Grant for an undisclosed fee, its third acquisition in the past month.
The acquisition was made through GRPs regional hub, Abbey Bond Lovis (ABL), and is ABL’s second takeover since its own purchase by GRP in 2015. In 2016, ABL bought Downpatrick personal and commercial lines broker McGrady.
The deal pushes GRP thorugh the £700m GWP mark, well on the way to its stated target of £1bn GWP.
Digney Grant, which has offices in Newry and Banbridge, transacts commercial and personal lines business.
“We look forward to welcoming Digney Grant’s three directors, Anthony Boden, Sean Grant and Paul Grant and their 21 strong team to the group. We are looking forward to working in partnership with them and helping Digney Grant’s significant growth plans,” ABL managing director Maurice Boyd said.
“Digney Grant is a high quality business with a strong reputation for excellent client service built up over 40 years of trading in its local marketplace. I am confident their clients will see further benefits from new products and services from ABL/GRP and our relationships with our blue chip insurer partners.”
Paul Grant, Director in Digney Grant, said all three directors and the staff would be staying with the business. “We are all truly excited by the opportunity to grow Digney Grant in partnership with ABL. The added firepower supplied by the group will enable us to accelerate our development plans in Northern Ireland.”
Mike Bruce, chief executive broking for GRP, welcomed the deal and said the acquisition “once again illustrated the effectiveness of GRP’s hub strategy in encouraging ABL to pursue acquisitions in its local markets where it has a wealth of experience and connectivity.”
He added: “GRP has a strong acquisition pipeline across the UK. Our unique proposition continues to be highly attractive to broking entrepreneurs looking to crystallise value from their work, while maintaining an ongoing and active role in driving business growth. ”