It is the fifth deal completed by Higos since it was acquired by GRP in 2017
GRP-owned Higos has acquired The Insurance Group (TIG), based in Plymouth.
It is the fifth acquisition for Higos since becoming part of GRP in 2017, and the first transaction completed by Matt Hartigan, Higos managing director.
The broker said the acquisition was part of its plan to expand its south west reach.
Hartigan said: “The deal is by far the largest and most significant transaction Higos has undertaken, and underscores the focus and ambition which we have for Higos.
“In acquiring TIG we are signalling our intent to upweight our bolt-on strategy and acquire significant businesses in their own right, with the support and firepower of GRP behind us.
“The Insurance Group, led by Laurie de Mel, is well-established in the Plymouth area, and I’m delighted to welcome him and his team to Higos and GRP.”
De Mel and his 18 staff will stay with the business as it transfers to new ownership
The Insurance Group is a residential and commercial property specialist, and has been active in the area for more than 40 years.
De Mel said: “I’ve been talking to Matt Hartigan for some time, and have been impressed by their commitment to nurturing our business and our people and helping us achieve the next level of growth.
“Although we will be part of Higos, we will stay in our current offices and remain wholly focused on building our presence in the local community, offering customers all the advantages that come from being part of the GRP family, including new products, improved access to insurers and great terms for our clients.”
Mike Bruce, GRP’s group managing director, said: “The south west continues to bring up excellent acquisition opportunities for us, and I’m pleased that The Insurance Group – a high quality and significant player in the local area - will be joining Higos, where it will be in very good hands for the next phase of its journey.”
The deal has received regulatory approval and the consideration is undisclosed.
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