The deal signals GRP’s intention to seek further acquisitions in the country
Independent insurance intermediary Global Risk Partners (GRP) has finished its majority share purchase of Irish commercial broker Crotty Insurance Brokers, marking the firm’s first deal within the Republic of Ireland.
Crotty Insurance Brokers, which was founded by Finbarr Crotty in 1994, provides bespoke insurance products across a broad range of sectors, such as the renewable energy, construction and professional services industries.
The broker’s Dublin office will now become GRP’s hub in ROI – a clear indication that the firm intends to expand its footprint in this country.
Following the deal, founder Crotty will move to become the broker’s executive chairman, while current director Eoin Greene will be promoted to chief executive. Graham Devine, Crotty’s corporate broking director, will also remain with the business, alongside the broker’s existing staff.
Stephen Ross, head of mergers and acquisitions for GRP, said: “We’re delighted to be bringing such a well-respected and successful business on board and to be entering the Republic of Ireland’s thriving insurance sector.
“Finbarr, Eoin, Graham and their team have rightly earned a strong reputation for their depth of expertise and the great service they provide to their clients.”
Speaking on the deal, Crotty said: “This is a fantastic development for us and our customers. We have worked very hard to build a successful business and earn our reputation in the market and we’re delighted that GRP has recognised the value of what we’ve achieved.
“We have been very impressed by GRP as an organisation and are really excited about the value our new partner will bring to our clients and employees.”
Mike Bruce, GRP’s group chief executive – who has been nominated for the Broker CEO’s CEO of the Year award at this year’s Insurance Time Awards, added: “We’ve always seen Ireland as a great opportunity to grow the business beyond the UK, so we’re very pleased with this deal and look forward to further growth in the ROI market.”
In June, GRP expanded into the healthcare sector when bought healthcare broker Premier Choice Healthcare (PCH) - its first acquisition since private equity firm Searchlight bought a majority stake in the business.