GRP has made its first acquisition since Searchlight completed its investment in the group, with a deal to buy healthcare broker Premier Choice Healthcare (PCH).
He said: “Our intention is to drive further acquisitions of healthcare businesses and portfolios, expanding our overall proposition to offer both new and existing clients a suite of healthcare products alongside our existing services.”
“We believe that there is significant M&A opportunity in the healthcare market. We are keen to mirror the acquisition success we have had in the UK regional general insurance market. With Searchlight’s support and their significant capital backing, we intend to rapidly grow our market footprint and have already developed a strong pipeline of transactions.”
Ross said that PCH had an excellent reputation in the healthcare marketplace. It was founded in 1996 and controls circa £60m of GWP. PCH, which is based in Towcester and has 25 employees, provides a full suite of group risk and protection products to SMEs and individual customer base.
Ginnelly said: “After 25 years as a successful independent, we wanted to push ourselves to the next stage of growth, and are very excited to be joining GRP as the healthcare hub with a clear brief to accelerate the healthcare operation.
Mike Bruce, GRP Group CEO, said: “I am delighted to welcome Claire, Teresa, Richard and all the PCH team to GRP, especially as it is our first deal in the healthcare sector. It signposts our intention to accelerate our growth trajectory following the Searchlight investment, and we look forward to rapidly develop in this sector.”