Global Risk Partners (GRP), a specialist investment vehicle for brokers and managing general agents (MGAs), has acquired UK insurance broker County Group for an undisclosed price.
Global Risk Partners said the County Group is among the top 25 UK insurance brokers.
Founded in 2003 by Dave Clapp, the Crewe-based County Group writes SME and personal lines insurance and had registered gross written premiums of £72m in 2018.
Clapp said that County Group, which continues to focus on a local service ethos, will aim at doubling its size in the next five years.
He added: “With the firepower now available from a business the size and scale of GRP we can accelerate our ambitious plans, something that was becoming more challenging with traditional funding routes.”
County Group, which employs 278 people, marks the second acquisition of GRP this year. Its acquisition is said to be the next important step taken by GRP in executing its UK regional hub strategy.
GRP Broking CEO Mike Bruce said that the acquisition of the UK insurance broker is also a strategically significant addition to the company’s portfolio of entrepreneurial businesses.
Bruce added: “We are delighted to welcome Dave Clapp and his team to GRP. County is a highly respected and well-known business and will play a key role in achieving our growth plans as GRP’s hub for the North West.”
“This acquisition follows the funding round we completed before Christmas, and adds considerably to our breadth and depth in UK retail broking. Our 2018 pipeline remains very strong and we anticipate making further deals this year, building on the 12 deals we completed in 2017, including acquisitions through our regional hubs.”
In March, GRP acquired another UK insurance broker Thomas Sagar Insurances based in Burnley for an undisclosed price in a move to grow its northern footprint for its retail broking division. Thomas Sagar is a chartered insurance broker that offers insurance solutions for the corporate, business and private sectors.
GRP is backed by private equity company, Penta Capital and the company’s chairman Peter Cullum is a co-investor.