Global Risk Partners Limited (GRP), a leading independent insurance intermediary, is pleased to announce that global private investment firm Searchlight Capital Partners has completed the acquisition of a majority stake in the group.
Following the move the firm said group managing director Mike Bruce will become group chief executive and Andy Homer will become non-executive chairman of the group, in addition to his long-standing role chairing the board of the retail division.
Founders Peter Cullum and David Margrett and founding investor Penta Capital will all retain minority stakes, alongside the broader management team. Margrett will act as non-executive chairman and Cullum will be a non-executive director of the Group Holding Company.
Founded in 2013, the group has grown “rapidly” since inception, both organically and through the acquisition and integration of 59 regional brokers, specialist MGAs and Lloyd’s businesses.
GRP is the UK’s second largest independent insurance intermediary, with Gross Written Premium approaching £800m. The group has achieved annual double-digit EBITDA growth since inception, has 1,600 employees and is responsible for the insurances of over 300,000 clients.
Founders Peter Cullum CBE and David Margrett said: “This is an important milestone for GRP, and we are delighted to announce today’s completion. Searchlight is the right partner to support the Group on the next stage of its journey and we look forward to working closely with them as GRP continues to grow.
“We are also pleased to confirm Mike Bruce’s appointment as CEO, and are confident that he has the experience, skillset and market relationships to drive the business forward at pace and deliver against GRP’s ambitions to further capitalise on the significant market opportunity ahead.”
They added: “To achieve what we have done from a standing start is a great testament to the quality of the team we have built, the 59 businesses we have acquired, and our ability to enhance their propositions through our insurer network, technology and operational and product support.
“At the heart of our profitable growth model stands an entrepreneurial, client focused culture of which we are proud and which serves as a solid foundation for a successful long-term future.”