The portfolios, which includes Aon’s Northern Ireland book, will be controlled by GRP’s hub brokers
Insurance intermediary Global Risk Partners (GRP) has bought the renewal rights to seven books of business from broker Aon, including its Northern Irish, affinity and micro portfolios.
These portfolios will be controlled by GRP’s individual hub brokers. For example, Abbey Bond Lovis – the firm’s Northern Ireland hub – will assume control of Aon’s Northern Ireland book, which includes motor fleet, SME and corporate policies.
GRP’s Yorkshire hub Marshall Wooldridge and South West hub Higos will share responsibility for the remaining business.
Stephen Ross, head of M&A at GRP, said that portfolio acquisitions is a “key element” of GRP’s growth strategy.
He continued: “This deal continues the M&A momentum we have made since the recent investment into GRP by Searchlight. Portfolio acquisitions are a key element of our growth strategy.”
The firm’s group chief executive Mike Bruce confirmed that this deal signals GRP’s acquisition appetite is “as strong as ever”.
He said: “Despite the current Covid-19 environment, our recent transactions provide clear evidence that our appetite for quality acquisitions is as strong as ever. We will be bringing more deals across the line during the rest of this year.”
Jane Kielty, managing director, UK retail, commercial risk solutions at Aon, added: “We are pleased to have reached an agreement with GRP for these books, which were part of our Northern Irish, affinity and micro business in the UK.
“We believe GRP is a better long-term home for these clients, which sit outside Aon’s areas of focus within the UK market.”
GRP recently entered the healthcare insurance sector by acquiring broker Premier Choice Healthcare (PCH) last month.