Global Risk Partners (GRP) has acquired Marshall Wooldridge for an undisclosed amount to expand its portfolio of insurance brokers.
Marshall Wooldridge is a commercial insurance broker with a control of more than £20m of gross written premium.
It has offices in Leeds and Rotherham in the UK where it has combined staff strength of 50.
GRP plans to double the size of Marshall Wooldridge in the coming three years, organically and also by making local acquisitions.
GRP chief executive David Margrett commented: “We consider Marshall Wooldridge to be the standout broker in the region and are keen to rapidly accelerate its growth.
“This acquisition is a key move in our retail broking business and we expect to be announcing a number of further acquisitions over the next few months.”
Marshall Wooldridge has been serving Leeds and its surrounding areas for more than 40 years.
James Hall, the current managing director of Marshall Wooldridge will retain his position as the head of the company and also as s co-investor.
Global Risk Partners broking CEO Mike Bruce called Marshall Wooldridge as a key acquisition in its broking business. Bruce also added that GRP would continue focusing on its strategy of expanding a national footprint of commercial brokers.
He also said: “In addition to working with James and his excellent management team to accelerate their own growth plans, Marshall Wooldridge will provide a regional base to accommodate further acquisitions we have already identified, and the recruitment of high quality teams and individuals in Yorkshire and the surrounding counties.”
GRP is an acquisitive insurance broking and managing general agent investment vehicle which has seven companies under its umbrella following the inclusion of Marshall Wooldridge.
As per GRP, its total gross written premium as a result of the new acquisition has moved up to an excess of £420m.
Image : Global Risk Partners has acquired Marshall Wooldridge. Photo courtesy of stockimages/freedigitalphotos.