Rob Shurety, Five’s director, said: “At a time when we are seeing rates hardening across our specialist sectors, it is important that we obtain the best possible deals for our clients, maintaining the level of cover they need at the right price.
“As part of GRP, we’ll improve our access to senior decision makers within insurers, which will help us strike better deals for our clients.”
He added: “In summary, this is a great deal for Five and its clients and we are fully expecting to accelerate our profitable growth under new ownership.”
Stephen Ross, GRP’s head of M&A, said: “This is a high-quality business with an experienced, highly entrepreneurial management team. Five has good roots in East Anglia and gives us a significant footprint in this part of the country.
“Following the announcement of the major acquisition of Marsh’s UK Networks business last week, this deal underlines the continued strength of our pipeline and that we continue to have a strong appetite to bring deals across the line.”