Brown & Brown, Inc. has announced the completion of the acquisition of Global Risk Partners Limited.
Florida-based Brown & Brown is the sixth (6th) largest broker in the world. It is a publicly traded business that posted revenues of US$3,051.4m (£2,792m) in 2021.
The acquisition, which was first announced at the beginning of March, will see Brown & Brown establish a significant presence in the UK retail broking market.
GRP joins Brown & Brown’s earlier acquisitions of O’Leary Insurances in the Republic of Ireland and investment in Decus Insurance Brokers Ltd.
J. Powell Brown, President and CEO, said: “We are excited to establish Brown & Brown’s retail footprint in the UK with Mike Bruce and GRP. As we have worked through the regulatory approval process, we are confident that we have identified the right team that shares our culture of putting the customer first and market focus of targeted growth organically and through acquisition. The future is bright with our talented new GRP colleagues.”
Mike Bruce commented: “It’s great news to finally complete this deal, and I look forward to an exciting and fruitful new era for everyone at GRP as part of the Brown & Brown team.”
“We share a similar business philosophy and entrepreneurial ethos and are all very excited about the opportunity to create exceptional value for our new owners and customers.”