Global Risk Partners (GRP) has acquired a majority stake in Chesterfield, Derbyshire-based DCJ Group Insurance and Risk Management (DCJ), for an undisclosed amount.
GRP said the transaction will enhance its growing reputation as a broker of choice in relation to its retail acquisition program. The deal has also received regulatory approval.
GRP CEO of broking Mike Bruce said: “This latest transaction comes hard on the heels of the acquisition of Guardian Insurance Brokers by The County Group. Quality remains the cornerstone of GRP’s drive to become the largest independently owned insurance business in the UK regional space.”
DCJ writes 80% commercial lines and 20% personal lines and is a high quality business with the founder and CEO in David Jones, ably supported by his managing director Chris Breeze.
Bruce said: “We have been talking to David and Chris for several months, and the more we saw of the business the more we liked it. DCJ’s client focus results in superb retention and it has a strong track record of organic growth. David and Chris will continue to run the business day to day. We welcome them and their staff to the GRP Group.”
David Jones said: “We want to grow the business, but while our organic growth is excellent, we were becoming frustrated in our efforts to grow by acquisition. We are now looking forward to accelerating our acquisition strategy alongside continued organic growth.”
“GRP’s focus is on acquiring quality businesses, and they are experts at opening brokers’ doors. I anticipate that GRP will provide us with the contacts and resources to enable us to expand much more quickly than we could have achieved on our own.”
In April this year, GRP acquired Thomas Sagar Insurances, which is a chartered insurance broker in Burnley that offers insurance solutions to corporate, business and private sectors. It was founded 60 years and employs 24 people and wrote £9m GWP last year.
The husband and wife team of John and Susan Meadows has been leading the company for many years and will continue to run it under GRP’s ownership.