Global Risk Partners (GRP) has announced that it has acquired Trimulgherry Investments Ltd (TIL), for an undisclosed sum.
The acquisition has received regulatory approval.
TIL – majority owned by Peter Cullum – comprises nine leading 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.
Mike Bruce, GRP’s group managing director, said TIL was a natural fit for GRP. “All nine businesses trade independently of each other in their clearly defined niche market segments, and are showing strong growth, but they are highly complementary and will integrate smoothly into our MGA and retail broking divisions.”
“As a result, we expect to create significant synergies and free up the management teams to focus on what they’re good at, namely looking after their clients and growing their books.”
Mike added: “These are businesses with a strong track record in specialty niches, including park homes and caravans, property owners, non-standard household and healthcare professionals. The deal will deliver enhanced distribution and a wider range of targeted products and services for our clients.”
He said that, in total, the TIL portfolio controls approximately £45m of GWP. “This acquisition is a significant addition to GRP’s overall GWP which is now greater than £700m and we warmly welcome all our new colleagues to the Group.”
James McCaffrey, chief executive of TIL, said: “It was always our ambition to bring TIL together with GRP, and we are now at the right stage of our development to do so.”
He added: “In our sector, successful businesses tend to be those which build scale and develop niche propositions, supported by technology, and we expect TIL to take full advantage of being part of GRP.”
Mike said the TIL deal brings the number of acquisitions to 47 since GRP was founded in 2013. “Our 2019 pipeline for businesses with dynamic management teams and good growth prospects remains very strong. “We expect to build on this encouraging start to 2019 and make further acquisitions during the coming weeks and months.”
Source: Company Press Release