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GRP announces first acquisition since new ownership

GRP announces first acquisition since new ownership | Insurance Business

GRP announces first acquisition since new ownership

In its first acquisition since Searchlight completed its investment in the group, GRP has announced its acquisition of the healthcare broker, Premier Choice Healthcare (PCH). This is the first acquisition that GRP has made in the health insurance sector and the head of M&A at the group, Stephen Ross, has said that PCH will become GRP’s healthcare hub following the purchase, which is subject to regulatory approval.

Read more: GRP's new chief exec on acquisitions during the coronavirus pandemic

Ross noted that the group intends to complete further acquisitions of healthcare businesses and portfolios to drive the expansion of GRP’s overall proposition by offering new and existing clients a range of healthcare products in addition to its current services.

“We believe that there is significant M&A opportunity in the healthcare market,” he said. “We are keen to mirror the acquisition success we have had in the UK regional general insurance market.  With Searchlight’s support and their significant capital backing, we intend to rapidly grow our market footprint and have already developed a strong pipeline of transactions.” 

Ross also said that PCH, which was founded in 1996 and controls approximately £60 million of GWP, has an excellent reputation in the healthcare market. The brokerage, which is based in Towcester and has 25 employees, offers a full suite of group risk and protection products to SMEs and an individual customer base.

The MD of PCH, Claire Ginnelly will continue to lead the business following completion of the purchase, with Teresa Ostle as operations director and Richard Holden will join the business as PCH’s commercial director.

Commenting on the purchase, Ginnelly said that after 25 years as a successful independent broker, PCH wanted to explore the next stage of growth and is excited to be joining GRP as its healthcare hub and to be accelerating its healthcare operation.

“We were impressed by the resources that GRP can make available to us for acquisitions, and our reach will grow exponentially by developing our links with the other hubs in GRP’s retail division,” she said. “Our focus will be on growing our business organically and by acquisition. As part of GRP, we remain committed to our current distribution channels and the range of products we advise on.”

Meanwhile, Mike Bruce, GRP Group CEO said: “I am delighted to welcome Claire, Teresa, Richard and all the PCH team to GRP, especially as it is our first deal in the healthcare sector. It signposts our intention to accelerate our growth trajectory following the Searchlight investment, and we look forward to rapidly develop in this sector.”