Established in 2013, Global Risk Partners is said to have grown organically and via the acquisition and integration of 59 regional brokers, specialist MGAs, and Lloyd’s businesses
Searchlight Capital Partners, a global private investment firm, has completed its previously announced acquisition of a majority stake in UK-based insurance intermediary Global Risk Partners (GRP).
The deal, which was announced in February 2020, was closed following the receipt of regulatory approval.
Established in 2013, Global Risk Partners is said to have grown organically and via the acquisition and integration of 59 regional brokers, specialist MGAs, and Lloyd’s businesses.
Currently, the group claims to be the second-largest independent insurance intermediary in the UK with gross written premium inching towards £800m.
The insurance intermediary is said to have achieved annual double-digit EBITDA growth since its founding. It has a workforce of 1,600 employees and is responsible for the insurances of more than 300,000 clients.
Global Risk Partners founders comments on the transaction
Global Risk Partners founders Peter Cullum and David Margrett said: “Searchlight is the right partner to support the Group on the next stage of its journey and we look forward to working closely with them as GRP continues to grow.
“We are also pleased to confirm Mike Bruce’s appointment as CEO, and are confident that he has the experience, skillset and market relationships to drive the business forward at pace and deliver against GRP’s ambitions to further capitalise on the significant market opportunity ahead.
“To achieve what we have done from a standing start is a great testament to the quality of the team we have built, the 59 businesses we have acquired, and our ability to enhance their propositions through our insurer network, technology and operational and product support.”
Peter Cullum and David Margrett and founding investor Penta Capital will all keep minority stakes in the business alongside the larger management team. David Margrett will serve as non-executive chairman, while Peter Cullum will be a non-executive director of GRP (Jersey) Holdco, the group holding company through which Searchlight Capital Partners made its investment in Global Risk Partners.
Searchlight Capital Partners partner Andrew Frey said: “By combining local presence with deep data-driven expertise, GRP offers a better product set and a superior service to its clients.
“We are confident that with our deep investment, industry and operational expertise, we can accelerate the growth of the business and reinforce its position as a leading player in a highly fragmented industry.”