Terms of the transaction, which is subject to regulatory approval, were not disclosed and are expected to be completed by the second quarter of 2021.
The Networks business comprises Marsh ProBroker, Bluefin Network and Purple Partnership. The acquisition also includes Marsh Connections, Marsh Labyrinth and Broker2Broker (B2B), part of Marsh’s wider UK Networks business, which provide brokers with access to a range of products and facilities.
Mike Bruce, GRP’s CEO, commented that the transaction was “a great leap forward for GRP”, with the group now placing or influencing “well over £1.6bn of GWP”.
On completion, Bruce revealed that Marsh’s UK Networks team will move across to GRP with David Hopwood, head of the UK Networks business, joining the group as an executive. He will continue to head up the business under new ownership.
Bruce said: “Marsh’s UK Networks business is a superb strategic fit for GRP and will give us unprecedented growth and investment opportunities. This is a growth story. There won’t be any redundancies.
“Instead, we want to increase penetration of the Marsh Networks panel, build out the membership base, engage with our strategic insurer partners for the benefit of members and bring new products and services to the network – including through our MGA and healthcare businesses.”
Hopwood added: “We are very excited to be taking our members on this next step, where we believe we can capitalise on our firm foundations to generate accelerated growth and success for our 256 members and around 400 trading partners.”
Following completion, the new GRP Networks division will continue with previously announced plans to transform the business into a “single proposition” under the new Hedron brand.