Abbey Bond Lovis, one of Northern Ireland’s leading insurance brokers, has completed a management buyout backed by insurance investment vehicle, Global Risk Partners Limited (GRP), to support its growth plans.
Abbey Bond Lovis’ management team, Maurice Boyd, Stephen Carlisle, Gary Crabbe, Ken Alderdice and Patrick McMillen will continue to lead the business and are co–investors. The business currently transacts in excess of £25m GWP.
Maurice Boyd, Managing Director of Abbey Bond Lovis, said: “Our MBO provides an ideal platform to further expand our footprint in Northern Ireland. With the support of Global Risk Partners, we plan to grow the business through acquisition of businesses, teams and individuals, maintaining our reputation as a client focused organisation providing a professional insurance and risk management service.”
David Margrett, Chief Executive of Global Risk Partners said: “Backing the Abbey Bond Lovis MBO was an ideal opportunity to acquire an established broker with a strong reputation in the market and led by an excellent management team. Abbey Bond Lovis provides us with a scalable platform to expand in Northern Ireland.
GRP is an ideal environment for entrepreneurial businesses, teams and individuals who wish to grow as part of an independent, strongly capitalised intermediary business.
With over £200m of premium income, we are growing quickly. Our “owner-driver” approach gives each management team a significant equity stake in their business, creating an attractive opportunity for both retail and wholesale businesses to be part of our group.”