GRP Group has acquired U-Sure Insurance Services Ltd. The business, which is a Lloyd’s Coverholder, is based in Cwmbran, near Newport in South Wales, and will join GRP’s fast-growing Underwriting division.
The deal marks the first acquisition for the division under the leadership of Clive Nathan, GRP’s Underwriting CEO, and takes the total number of acquisitions by the group to 34 since the business was established at the end of 2013.
Husband and wife team Ben and Dee Coleman will each retain a minority shareholding in the business post completion, and all staff including the directors will stay with U-Sure under new ownership.
Clive said: “I warmly welcome Ben and Dee to GRP, where we have ambitious plans to grow the Underwriting business, and I look forward to helping them strengthen their relationships with brokers and further enhance the products and services in their portfolio.
Ben Coleman said: “We were impressed by the GRP team and what they have to offer a growth-oriented business such as U-Sure. We are keen to expand in our specialist area of property insurance, and I’m confident Clive and the GRP team will help us go from strength to strength.”
U-Sure was founded in 2005 and has built relationships with over 900 brokers over the years for its specialist property book.
GRP’s CEO, David Margrett, said he was delighted U-Sure had chosen to become part of GRP: “The acquisition is the 10th deal GRP has completed to date during 2018, and we continue to have a strong pipeline of opportunities for 2018 and beyond,” he said.
The acquisition is for an undisclosed sum and the deal has received regulatory approval.