Global Risk Partners (GRP) has acquired Burnley-based Thomas Sagar Insurances (Sagar) for an undisclosed sum to expand northern footprint for retail broking division.
Sagar is a chartered insurance broker based in Burnley that provides insurance solutions for the corporate, business and private sectors. Founded 60 years ago, Sagar employs 24 people and wrote over £9 million GWP last year.
GRP Broking CEO Mike Bruce said: “This is a quality business with an excellent track record in Lancashire, and strong ties to the community where it operates. We have been highly impressed with their focus on client servicing and look forward to assisting directors John and Susan Meadows and their team take Sagar to the next stage in its journey.”
Husband and wife team John and Susan Meadows have been the driving force behind Sagar for many years and will continue to run Sagar under GRP’s ownership.
John Meadows said: “GRP offered us a compelling opportunity to create value from our successful stewardship of the business, and, looking ahead, to help us become a stronger proposition under new ownership.”
“Our clients will benefit from new products and services available to us via the GRP portfolio of successful MGAs and brokers, and their relationships with blue chip insurers will enable us to further improve our competitiveness.”
“We are looking forward to being part of one of most entrepreneurial and exciting businesses in UK broking.”
Mike Bruce said: “Sagar sits neatly between Marshall Wooldridge in Yorkshire and County Group in Cheshire/Manchester and, alongside our recent acquisition of Preston-based CCIB, delivers a considerable boost to the Northern footprint of GRP’s Broking Division.”
He continued saying: “We will continue our strategy of acquiring first class regional brokerages to join our high quality portfolio of growth businesses that deliver value for customers, staff, insurer partners and investors.”
The acquisition has received regulatory approval.
Source: Company Press Release