Global Risk Partners Limited (GRP), the acquisitive Insurance Broking and Managing General Agent investment vehicle, has completed its investment in Cavendish Munro Professional Risks Limited (Cavendish Munro), the specialist retail broker.
Cavendish Munro is a London-based Professional Indemnity (PI) specialist focused primarily on the surveyor, architect, solicitor, accountant and engineering sectors. Following this transaction, the annual premium transacted across GRP’s businesses increases to over £370m.
Paul Byrne, Managing Director, will continue to lead Cavendish Munro, and is a co-investor in the business going forward. Neil Stables, Chairman, will be retiring on completion of the transaction.
Paul Byrne, Managing Director of Cavendish Munro, said: “We are delighted to have joined GRP’s expanding broking operation where we see great opportunities to continue to develop our business. Having founded Cavendish Munro ten years ago, the time was right to become part of a larger business, where we can benefit from greater distribution and insurer relationships.”
Mike Bruce, CEO Broking for GRP, said: ”Cavendish Munro has enjoyed excellent growth in recent years, and through its strong client focused culture, has established itself as a specialist in its chosen fields. I am looking forward to working with Paul and the team to accelerate this positive growth trajectory and for Cavendish Munro to establish itself as the specialist PI provider within our growing broking business.”
Peter Cullum CBE, Chairman of Global Risk Partners, said: “This represents an important strategic acquisition following hard on the heels of Lonmar, McGrady and Synergy, making a total of four deals completed already this year. This coupled with a strong pipeline augurs well for a hugely successful 2016”.