Global Risk Partners (GRP) has confirmed that it has completed its acquisition of Marsh’s UK Networks business, following regulatory approval. The group first announced its intention to acquire the business in February.
David Hopwood, head of the UK Networks business, will now join the GRP executive and continue to head up the business under new ownership, with overall responsibility for building further growth for the network’s 256 members and around 400 trading partners.
The Networks business comprises Marsh ProBroker, Bluefin Network and Purple Partnership, and the acquisition also includes Marsh Connections, Marsh Labyrinth and Broker2Broker (B2B). The completion means that GRP controls or influences approximately £1.6bn of GWP annually.
Hopwood said: “Since the deal was announced in February, we have launched our new Hedron Network brand, along with a comprehensive and flexible new proposition.
“We have had fantastic feedback from our brokers and insurer partners since introducing Hedron to them in mid-April, and I’m confident that Hedron will deliver added value to our members and drive future growth for the network.”
Commenting on the completion of the deal, Mike Bruce, GRP’s CEO, said: “This is another important milestone for GRP and I look forward to supporting David and his team in their drive to achieve exceptional growth and success for Hedron under our ownership.
“The launch of the new brand will trigger our ambitious strategy for the business, which include plans to bring new members on board, provide new products and services for our members, and increase penetration of the network panel.”
He added: “We have had a very positive reaction from our strategic insurer partners to the deal and we expect our insurer engagement to bring further benefits to our members and their clients. I am confident that, very quickly, we will be able to show that GRP is the right home for this business.”