Global Risk Partners (GRP) has announced an “impressive growth trajectory” in 2019, reporting income growth of 25% to £139 million on the back of 18 acquisitions.
The firm also reported earnings before interest, tax, depreciation, and amortization (EBITDA) of £50.0 million during the year – a 43% increase over 2018 figures.
Mike Bruce, group managing director of GRP, said the “outstanding results have been fuelled by a combination of organic and acquisitive growth, plus benefits accruing from GRP’s major focus on integration.”
“Integration has delivered tangible benefits internally and for our insurer partners,” he said. “We now provide our insurer partners with leading edge data analytics giving new insight into how particular books of business are performing and identifying development opportunities for new products that benefit our clients.”
Looking to the future, Bruce said that firm remains “fully focused on growth through acquisition and integration of regional brokers, MGAs, portfolios and teams, and high-quality third-party financing remains in place to support GRP’s capital base and to invest in further expansion.”
“We accelerated the number of deals completed in FY 2018-19 from the previous year, and the trend has continued during the new financial year, with 13 since the end of March,” he said. “Our model, which empowers our hub businesses to leverage their local and market relationships to deliver local ‘spoke’ acquisitions, means that our pipeline is stronger than ever, underlining the continuing attraction to broking entrepreneurs of GRP’s owner-driver philosophy.”
Meanwhile, Peter Cullum, chairman of GRP, said that the firm has “again enjoyed an excellent year of strong and sustainable growth.”
“GRP has continued to set the pace during the course of 2018, maintaining our strong track record on acquisitions and delivering the fruits of our investment in integration,” he said. “Providing our clients with effective risk solutions and great service is at the heart of our model. We buy quality businesses with strong retention rates and good underwriting results, and then enhance their proposition through access to group products, insurer relationships, technology and operational support.”