Global Risk Partners Limited (GRP), the insurance broking and managing general agent investment vehicle, has completed its second transaction in Northern Ireland by funding the acquisition of McGrady Limited by Abbey Bond Lovis Limited (ABL).
GRP also supported the management buyout of leading Northern Ireland broker ABL in August 2015, as it continues to develop its retail broking business.
As a result of this latest investment, GRP will control in excess of £35m of insurance premium across ABL and McGrady.
McGrady transacts both commercial and personal lines business from its office in Downpatrick and its present owner, Fintan McGrady, will continue to run the business day to day.
Fintan McGrady said: “Selling my business was a big decision. I am convinced GRP is the ideal vehicle for our business to prosper going forward, especially with the local knowledge they have gained through their involvement with ABL. I look forward to being part of an expanding retail broking business in Northern Ireland, whilst maintaining our local identity.”
Mike Bruce, CEO Broking for GRP, said: ”It was always in our plans to increase our footprint in Northern Ireland following our investment in ABL, and we are pleased to have been able to do this so quickly, and with the acquisition of a business of such quality. We are delighted to welcome Fintan and his colleagues to GRP. ”
Maurice Boyd, Managing Director of ABL, said: “Following our MBO in 2015, GRP has proven to be a supportive investor in our business. We know Fintan and his business well, and they share our client focused approach, based around the provision of professional and locally delivered service. We look forward to working closely with the McGrady team and combining the strengths of our two businesses.”