UK-based Global Risk Partners is an independent insurance intermediary with a gross written premium of nearly £800m
Private equity firm Searchlight Capital Partners has agreed to acquire majority stake in Global Risk Partners (GRP), a UK-based insurance intermediary, for an undisclosed amount.
Established in 2013 by founders Peter Cullum CBE and David Margrett, Global Risk Partners has grown organically and through acquisitions. The firm is currently one of the UK’s largest independent insurance intermediaries with a gross written premium nearing £800m and over 1,600 employees.
GRP is a specialist MGA, operating Lloyd’s businesses
GRP operates retail broking, specialist managing general agency (MGA) and Lloyd’s businesses. The company serves the growing insurance and risk management needs and adds value through its expertise across multiple points in the distribution chain.
The founders Peter Cullum and David Margrett and founding investor Penta Capital will all retain minority stakes in GRP, alongside the broader management team. Ares Management will also continue as a key capital provider to GRP.
Global Risk Partners executive chairman Peter Cullum CBE and group CEO David Margrett, said: “We are both immensely proud of the business we have helped build from a standing start. In little over six years, it has grown to become one of the largest insurance intermediaries in the UK.
“We are delighted that Searchlight will become the new majority shareholder in GRP. Searchlight is an ideal partner and it was obvious from an early stage that its ambition for the business and understanding of the opportunity was closely aligned with the Group’s values and vision.”
Subject to regulatory approval, the deal will see group managing director Mike Bruce taking up the role of group CEO for GRP. The company will also see its founders David Margrett becoming non-executive chairman and Peter Cullum remaining on the board as a non-executive director.
Searchlight is a private investment firm with more than $7bn in assets under management. The firm has offices in New York, London and Toronto.
last February, GRP had acquired Trimulgherry Investments Ltd (TIL), a company that comprises nine specialist insurance broking and MGA businesses.
The portfolio includes three MGAs and six brokers, one of which, LDS, a commercial broker, will become GRP’s retail hub for North London and Essex.
The three MGAs – Lexicon, Oasis Property Insurance Services and Cherish – will become part of GRP’s underwriting division.