Global Risk Partners Group (GRP) has acquired a majority stake in Bromley-based specialist MGA, Camberford Law.

The terms of the acquisition, which has received regulatory approval, are undisclosed.

David Ottewill will be leaving the business and Simon Carter will assume his role as managing director. Paul Cooper (director) will remain for a short period to assist in the transition to GRP. The ongoing management team will have an equity stake in the business.

GRP chief operating officer and Group’s MGA division CEO Stephen Ross said: “I am delighted to welcome Simon Carter and his team to GRP.”

“Camberford Law is an excellent business, underwriting a portfolio of client-focused specialist and niche products on behalf of its longstanding panel of insurer partners.”

“With our support, Simon and the team will gain access to our UK regional retail footprint and further develop their own broker relationships. We fully expect to achieve rapid growth in the business.”

Camberford Law was founded in 1958 and its business comprises a range of SME and commercial schemes with specialist expertise in security, contractors, professional services and property.

The business, which has capacity from composite insurers and Lloyds, was appointed an accredited Lloyds broker in 2006 and has offices in the City of London. The business wrote £38m GWP last year.

Camberford Law managing director Simon Carter said: “Peter Cullum and the GRP team painted a compelling picture of the opportunity with GRP to accelerate our growth. We look forward to working with our fellow businesses within the GRP family and our supporting network of brokers to improve and broaden our product reach throughout the UK.”

Stephen Ross said that, following completion of its recent £200m capital facility, GRP will continue to focus on acquisitive growth, where “we have a strong pipeline, but we are also growing organically.”

“Our investment in Camberford Law illustrates our ambition to acquire businesses which can assist us in providing a wider set of specialist products to our UK customers.”