It brings the number of acquisitions to 47 since GRP was founded in 2013.
Global Risk Partners (GRP) has bought Trimulgherry Investments Ltd (TIL) for an undisclosed sum after receiving regulatory approval.
TIL is majority owned by Peter Cullum, who is also chairman of GRP.
Mike Bruce, GRP’s group managing director added that the acquisition is a “significant addition to GRP’s overall GWP which is now greater than £700m.”
He said: “We expect to build on this encouraging start to 2019 and make further acquisitions during the coming weeks and month.”
This brings the number of acquisitions to 47 since GRP was founded in 2013.
Natural fit
Bruce explained that ”TIL was a natural fit for GRP.”
He said: “Our 2019 pipeline for businesses with dynamic management teams and good growth prospects remains very strong,” Bruce said.
James McCaffrey, chief executive of TIL, said: “It was always our ambition to bring TIL together with GRP, and we are now at the right stage of our development to do so.
“In our sector, successful businesses tend to be those which build scale and develop niche propositions, supported by technology, and we expect TIL to take full advantage of being part of GRP.”
Portfolio
TIL comprises of nine specialist insurance broking and MGA businesses.
Its portfolio controls approximately £345m of GWP.
This includes three MGAs – Lexicon, Oasis Property Insurance Services and Cherish which will all become part of GRP’s underwriting division.
It also includes six brokers, one of which is LDS, which will become a GRPs’ retail hub for North London and Essex.
Bruce explained: “All nine businesses trade independently of each other in their clearly defined niche market segments, and are showing strong growth, but they are highly complementary and will integrate smoothly into our MGA and retail broking divisions.”
“As a result, we expect to create significant synergies and free up the management teams to focus on what they’re good at, namely looking after their clients and growing their books.
“These are businesses with a strong track record in specialty niches, including park homes and caravans, property owners, non-standard household and healthcare professionals. The deal will deliver enhanced distribution and a wider range of targeted products and services for our clients.”
Other brokers included are Allcover Insurance Brokers, PremierCare Insurance Brokers, KMGC, PMIS and RK Shipman.
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