Global Risk Partners Ltd (GRP), the specialist investment vehicle for brokers and MGAs, has acquired a majority stake in Bexhill-based Green Insurance Group (Greens). The consideration is undisclosed.
The acquisition, which has been approved by the FCA, comes shortly after the completion of GRP’s acquisition of Higos in the South West in Q1 2017. Greens was founded in 1973 and writes both commercial and personal lines business. The management team, including Clive Galbraith (Chairman) and Duncan Coleman (MD) retain equity and will continue to run the business, which employs 80 people.
Mike Bruce, CEO Broking at GRP, said that Greens will become a key element in GRP’s UK hub strategy and the vehicle for GRP ambitious growth plans for the South East of England.
“After Higos (South West), ABL (Northern Ireland) and Marshall Wooldridge (North) our hub strategy for the UK is now taking shape. The acquisition of Greens gives us a strong platform in the South East and we look forward to supporting them to meet their ambition to double the size of the business during the next few years.”
Greens Chairman Clive Galbraith said: “Greens has itself been an acquirer of brokers for over 20 years, having bought 25 other brokers, and we are now in a good position to deliver our pipeline and expand the footprint to cover most of the South East. This acquisition is a vote of confidence in our people and our strategy and we look forward to a successful future with GRP.”
Peter Cullum CBE, Chairman of GRP, added: “I am particularly pleased to welcome Green Insurance Group to GRP, and feel sure that they will add considerably to our overall broking proposition. Our acquisition focus remains firmly on building out our hub strategy and delivering long term value for our customers and our insurer partners.”