Marking its first acquisition of 2021, Global Risk Partners Ltd (GRP) has purchased Newstead Insurance Brokers Ltd (Newstead). Its acquisition of the Birmingham-based commercial lines broker has received regulatory approval and the consideration is undisclosed. All the broker’s team, which includes MD Paul O’Donnell and directors Julian Simon and Sarah Giles, will remain with the business.
Founded 33 years ago, Newstead, which is based in Edgbaston with representation in London and Stoke, writes corporate, SME and private clients insurance and will retain its brand name going forward.
Commenting on the deal, GRP’s head of M&A Stephen Ross highlighted that Newstead is “a flag in the ground” in Birmingham from which the group is keen to build. He cited the strong entrepreneurial heritage of O’Donnell, Simon and Giles and their interest in growing both organically and via acquisition.
Also discussing the deal, GRP CEO Mike Bruce warmly welcomed Newstead to the insurance intermediary and said he looks forward to them expanding and developing GRP’s footprint in Birmingham.
O’Donnell added his view that GRP is a great business for Newstead to be part of and that the deal offers the broker the opportunity to draw on the group’s financial muscle, technology and services to the benefit of both the firm and its clients.
“In the current hardening market and with the wider uncertainty from the pandemic,” O’Donnell said, “there is value to be had from being part of a bigger organisation with the great reputation for looking after its brokers that GRP enjoys.”