Insurance broker and managing general agency investment vehicle Global Risk Partners (GRP) has completed its backing of the management buyout of specialist Lloyd’s broker Lonmar Global Risks.
The transaction, which was first announced on April 26, has received regulatory approval, Lonmar said.
Lonmar’s management team, headed by chief executive David Pexton, will continue to lead the independent Lloyd’s broker.
“We are delighted that the Lonmar MBO has been completed,” said GRP chief executive David Margrett.
“We are looking forward to working with David Pexton and his team in implementing their exciting growth strategy, whilst maintaining Lonmar’s emphasis on providing the quality service and innovative approach that their clients expect.”
In an earlier statement, Margrett said Lonmar brings GRP a “strong Lloyd’s broker with an excellent reputation” that is “highly complementary” to the other businesses of the investment vehicle.
GRP’s investment in Lonmar also puts the company among the largest independent Lloyd’s broking groups, Margrett added.
On the other hand, Pexton said the MBO will fast track Lonmar’s growth agenda, benefiting its clients, staff and insurer partners.
“With GRP’s backing we will significantly accelerate our strategy with the acquisition of individuals, teams and businesses, whilst maintaining our emphasis on providing the quality service and innovative approach that our clients expect from us,” he said.