GRP makes first MGA acquisition | Insurance Business UK
If you thought it was just retail brokerages on the radar of Global Risk Partners (GRP) following its own acquisition by Brown & Brown Inc., then think again. The intermediary has today announced a deal for 100% of the share capital of Nucleus Underwriting – marking its first MGA swoop since the takeover.
Nucleus, which began trading back in 2014, is based in Aylesbury and focuses on providing insurance across the R&D, specialist manufacturing and life sciences segments. It will now become a trading style under the Camberford Underwriting brand, with MD James McHugh and his colleagues staying on with the business, according to Clive Nathan who has responsibility for GRP’s MGA division.
“Nucleus is exactly the type of business we look for. It has a true niche focus with great underwriting experience and a leader who will fit well in our culture,” he explained.
“We are confident that, as part of Camberford, Nucleus will go from strength to strength. We are thrilled to be working with James to support this key sector of the economy, where growth is a priority for the UK.
“It’s great to have such an exciting business joining Camberford as we continue to consider additional opportunities in the MGA space.”
For his part, McHugh noted the “compelling picture” painted by Nathan and the GRP team.
“We are all very excited to be joining Camberford and, with their help, are confident of building out a leading position in the SME space for life sciences, R&D and specialist manufacturing industries which are earmarked for substantial growth and are part of delivering prosperity for the wider UK economy,” he said.