Acquisition secures South West hub for GRP retail distribution
Deal will accelerate further Higos acquisitions in the South West
Gosden and senior team will continue to lead business
GRP overall premium grows to £470m, on target for £1bn business
*Acquisition subject to regulatory approval
Global Risk Partners Limited (GRP) has agreed to acquire Higos Insurance Services Ltd (Higos), the leading commercial and personal lines insurance broker in the South West. The terms of the agreement are undisclosed.
Mike Bruce, CEO broking for GRP, said the acquisition “is a significant, high quality addition to our business and a key step forward in realising GRP’s UK retail hub strategy.”
He added: “There will be an immediate focus on accelerating Higos’ recent growth by completing a number of local acquisitions that have already been identified.”
“At our results announcement last November, we made it clear that our priority is to build distribution by growing our network of regional UK hubs. After Marshall Wooldridge in Leeds was acquired in September 2016, the acquisition of Higos ensures we are now well-placed to expand our presence in the South West, and I am delighted to welcome Ian and his team to GRP.”
Higos was founded by its managing director Ian Gosden in 1990 and serves the business community in the South West from over 20 locations. The company employs around 300 staff and handles in excess of £50m GWP. Bruce confirmed that Gosden and his existing management team will continue to lead the business.
Bruce said: “Under Ian’s leadership, Higos has become the pre-eminent broker in the South West. Its scale, commitment to local distribution and absolute focus on clients and the community makes it an ideal investment upon which to base our strategy in the region.”
He added: “Higos has completed numerous acquisitions in recent years, and combining Ian’s local knowledge and market presence with GRP’s financial support will continue this success story.”
Ian Gosden, managing director of Higos said: “After 26 years of steering my own ship I am delighted for Higos to join forces with GRP, who are committed to supporting our core values of community broking and independent professional advice. With the support of GRP, and my senior management team, l am excited for the future and the increased opportunities we can now take advantage of.”
Peter Cullum CBE, chairman of GRP commented:
“Ian has built Higos to be the standout broker in the region and we look forward to working with him and his colleagues to accelerate its growth.
This acquisition represents another key investment in our retail broking strategy and we expect to be announcing a number of further investments over the next few weeks, in line with our strategy of helping brokers who want to create value from their life’s work.”
“With the addition of Higos to the GRP group, our total premium is now in excess of £470m, well on the way to achieving our £1bn GWP target.”