Newstead is a commercial lines broker writing corporate, SME and private clients insurance. Managing director Paul O’Donnell, directors Julian Simon and Sarah Giles and all Newstead staff will remain with the business following the acquisition.
The company, which is based in Edgbaston with representation in London and Stoke, will also retain its brand name.
Stephen Ross, GRP’s head of M&A, said: “Newstead is a flag in the ground in Birmingham from which we are keen to build. Paul, Sarah and Julian have a strong entrepreneurial heritage and are hungry to grow organically and by acquisition.”
O’Donnell said: “GRP is a fantastic business for us to be part of and the opportunity to draw from their financial muscle, technology and range of services is great news for us and good for our clients too.
“In the current hardening market and with the wider uncertainty from the pandemic, there is value to be had from being part of a bigger organisation with the great reputation for looking after its brokers that GRP enjoys.”