Global Risk Partners (GRP), the specialist investment vehicle for brokers and MGAs, has acquired majority stake in Alan & Thomas Insurance Group.
Financial details of the transaction were not revealed. It is the eight transaction for GRP since this March.
Alan & Thomas Insurance was founded in 1975 and writes £30m GWP every year. It provides insurance services for businesses and high net-worth individuals.
Some of its specialist divisions include property owners, motor trade, agriculture and estates, aviation, transportation, construction, marine trades, high value personal lines, churches, charities, and private medical and employee benefits.
The present transaction is not expected to make any changes in the Alan & Thomas’ management team.
Alan & Thomas CEO Julian Boughton said: “Having considered all opportunities, GRP was the stand out solution for us as we seek to execute the next chapter in our journey. This is a great chance to build upon the strong foundations and legacy we have created over many years.”
After this stake acquisition, Alan & Thomas which is headquartered in Poole, Dorset, is expected to become the Southern hub for GRP. It also has four offices in Basingstoke, Dorchester, Gillingham and Frome.
GRP Broking CEO Mike Bruce said: “GRP now has complete coverage of the South of the UK following our acquisitions of Higos (South West) and Greens (South East). We now write close to £120m of GWP across this part of the UK and expect further rapid growth both organically and through further deals.”
He added: “GRP’s retail hub model will benefit customers by enabling them to benefit from further improvements in service and a broader set of propositions, in line with our overarching strategy that focuses on creating value for our customers, as well as our insurer partners and investors.”
According to Alan & Thomas, GRP’s entrepreneurial approach is new and its model easily plugs into its 2020 vision and beyond.
It believes that the acquisition is a logical alignment for the two companies going into the next decade of development.
Image: Alan & Thomas to become Southern Hub for GRP after acquisition. Photo: Courtesy of adamr/FreeDigitalPhotos.net.