Acquisition-hungry Global Risk Partners (GRP) is at it again – this morning galloping into familiar territory by securing a deal for Shearwater Insurance Services.
The snapped-up insurance broker, based in Waltham Cross, Hertfordshire, is a specialist in equine and related business. It was originally founded back in 1992 by managing director Jeremy Lawton and now offers a number of targeted schemes to its clients. Lawton, who is to continue to run the business once the move is completed and will stay on with the rest of his 36-strong team, outlined that it was GRP’s “excellent track record” with fellow bloodstock-broker Lonmar that made the deal attractive.
“Our discussions with Mike Bruce [GRP group managing director] and his team have been hugely productive and we are delighted to become a part of one of the most dynamic and exciting insurance businesses in the UK,” he said.
Bruce meanwhile, pointed to Shearwater’s “strong growth prospect” and “quality proposition” while outlining that there are more moves to come on the back of its recent acquisition of Trimulgherry Investments Limited.
“We have had a successful start to the year and we will continue to look for outstanding businesses such as Shearwater, which will benefit from integration and enable management to focus on growth,” he said.
The Shearwater deal has been approved by the regulator and consideration is undisclosed.