Global Risk Partners (GRP) has acquired the renewal rights to seven niche portfolios from Aon in the UK.
Under the deal, the seven books of business from Aon will be controlled by GRP hub brokers, who have expertise in each relevant market segment. The deal also includes a significant Northern Ireland portfolio that boasts a high-quality mix of motor fleet, corporate, and small to medium-sized enterprise (SME) policies.
“This is a significant acquisition for our Northern Ireland hub, Abbey Bond Lovis, and reinforces its market-leading position,” said Stephen Ross, the head of M&A at GRP.
“This deal continues the M&A momentum we have made since the recent investment into GRP by Searchlight. Portfolio acquisitions are a key element of our growth strategy.”
Marshall Wooldridge and Higos, GRP’s Yorkshire and South West hubs respectively, will be responsible for the remaining businesses.
GRP chief executive officer Mike Bruce commented: “Despite the current COVID-19 environment, our recent transactions provide clear evidence that our appetite for quality acquisitions is as strong as ever. We will be bringing more deals across the line during the rest of this year.”
Jane Kielty, the managing director for UK retail, commercial risk solutions at Aon, added: “We are pleased to have reached an agreement with GRP for these books which were part of our Northern Irish, affinity, and micro business in the UK. We believe GRP is a better long-term home for these clients, which sit outside Aon’s areas of focus within the UK market.”