Brown & Brown has finally completed the acquisition of Global Risk Partners (GRP), which is set to turn the international brokerage firm into a major force in the UK retail insurance market.
Based in Florida, Brown & Brown prides itself as the sixth largest broker in the world. GRP is its latest acquisition, having formerly secured O’Leary Insurances in the Republic of Ireland and invested in Decus Insurance Brokers Ltd. The GRP acquisition was first announced in early March.
“We are excited to establish Brown & Brown’s retail footprint in the UK with Mike Bruce and GRP,” J. Powell Brown, president and chief executive officer of Brown & Brown, said in a media release. “As we have worked through the regulatory approval process, we are confident that we have identified the right team that shares our culture of putting the customer first and market focus of targeted growth organically and through acquisition. The future is bright with our talented new GRP colleagues.”
Founded in 2013, GRP is one of the UK’s largest independent insurance intermediaries and operates retail broking, specialist MGA, network, and Lloyd’s businesses. It acquires businesses, teams, and portfolios with niche, non-commoditised, specialty propositions and solid profitability.
The current management structure will remain under the acquisition, with Mike Bruce at the helm as group chief executive officer of GRP.
“It’s great news to finally complete this deal, and I look forward to an exciting and fruitful new era for everyone at GRP as part of the Brown & Brown team,” Bruce said. “We share a similar business philosophy and entrepreneurial ethos and are all very excited about the opportunity to create exceptional value for our new owners and customers.”