Brown & Brown-owned Global Risk Partners (GRP) has announced its acquisition of the general insurance portfolio of Woodward Markwell Insurance Brokers Ltd (WM Brokers Ltd) - a landmark moment for the insurance intermediary giant, marking its 100th deal since its formation in 2013. The acquisition has received regulatory approval and the consideration is undisclosed.
Under the terms of the deal, the acquired Ipswich-based firm will trade under the entity WM Brokers Ltd and become GRP’s hub business for East Anglia.
Having served the insurance market of East Anglia for 40 years, WM Brokers Ltd is a highly respected business with strong links in the business community. Its primary focus is SME, with a particular specialism in haulage.
Managing director David McGowan and fellow director Toni Vincent-Panich will continue to lead the firm and transfer across to GRP along with all their general insurance colleagues. Meanwhile, outgoing director Julie Dyer will remain with the business for several months in her current role to ensure a seamless transfer.
Commenting on GRP’s impressive milestone, CEO Mike Bruce highlighted that is through a combination of determination, client focus and astute dealmaking that GRP has generated its powerful momentum and strong results.
“In celebrating our 100th deal”, he said, “we have shown the true value of a devolved, empowered consolidation model, that works for our people, brokers, clients and our insurer partners.”
Touching on GRP’s most recent acquisition, Bruce said that acquiring WM Brokers’ portfolio is an important next step in the group achieving nationwide coverage.
“We have stated our intention to trade across the whole of England and Wales, as well as Northern Ireland, and this acquisition is a key landmark in that strategy,” he said. “WM Brokers is a high quality business with a solid footprint in East Anglia.
“David McGowan and his team are highly impressive and experienced entrepreneurs and their strength as a unit was a key factor behind our interest in the business. WM Brokers will be a valuable addition to our portfolio and we look forward to supporting them on the next stage of their growth journey.”
David McGowan also commented on the deal and said it is great to become the 100th and newest member of the GRP family. He emphasised the group’s reputation for supporting ambitious brokerages which have a strong entrepreneurial focus and said WM Brokers sees this deal as a great opportunity to substantially grow its presence in East Anglia, and deliver an ever-broadening portfolio of products and services to its clients.
“I am excited by the opportunities that lie ahead,” he said. “GRP will, I’m convinced, be excellent custodians for our business, our colleagues and our clients.”