Intermediary firm celebrates its ‘empowered consolidation model’ with its latest broker buy

Intermediary organisation Global Risk Partners (GRP) has bought the general insurance portfolio of Ipswich-based business Woodward Markwell Insurance Brokers (WM Brokers) – this is the firm’s 100th acquisition since it was established in 2013.

WM Brokers, which has been trading for 40 years, specialises in SME insurance – particularly haulage.

Upon completion of the deal, WM Brokers will become GRP’s business hub in East Anglia.

The organisation will continue to be led by managing director David McGowan and director Toni Vincent-Panich, who will both transfer to GRP along with the Ipswich broker’s existing GI workforce.

Outgoing director at WM Brokers, Julie Dyer, will continue in the business for a number of months, to assist with a smooth transition period.

Key landmark

Speaking on the deal, which has received regulatory approval, GRP chief executive Mike Bruce said: “Through a combination of single-minded determination, client focus and astute deal-making, we have generated powerful momentum and excellent results.

“In celebrating our 100th deal, we have shown the true value of a devolved, empowered consolidation model, that works for our people, brokers, clients and our insurer partners.

“We have stated our intention to trade across the whole of England and Wales, as well as Northern Ireland, and this acquisition is a key landmark in that strategy.

“WM Brokers is a high quality business with a solid footprint in East Anglia.

“WM Brokers will be a valuable addition to our portfolio and we look forward to supporting [it] on the next stage of [its] growth journey.”

McGowan added: “It is great to become the 100th and newest member of the GRP family.

“GRP has a reputation for supporting ambitious brokerages with a strong entrepreneurial ethos.

“We see this deal as an opportunity to significantly grow our presence in East Anglia and deliver an even wider portfolio of products and services to our clients.

“I am excited by the opportunities that lie ahead. GRP will, I’m convinced, be excellent custodians for our business, our colleagues and our clients.”