Cavendish Munro, the specialist professional indemnity broker, has announced the acquisition of Eastbourne-based Professional Insurance Agents Ltd (PIA). It is the first acquisition for Cavendish Munro since it became part of Global Risk Partners (GRP).
Cavendish Munro’s founder and managing director Paul Byrne said: “PIA is a high-quality specialist broker and seamlessly complements our own proposition. We have been firmly focused on accelerating our growth since we became part of GRP in 2016, and while this is our first acquisition, we are confident that there will be more to come.”
PIA specialises in financial lines insurance products such as PI, D&O, medical-related insurance, as well as SME and mid-corporate commercial insurance.
Paul added: “PIA is a perfect strategic fit for Cavendish Munro and the combined businesses will be able to offer a much wider range of products and insurers to our clients.”
Paul confirmed that current CEO, Graham Hearsey, and other Directors, Karler Mears and Lynn Hearsey who founded the business over 20 years ago, will retire from PIA once the deal is completed. Fellow directors Ellie Hearsey and Kelly Fyfe will take on responsibility for future operations.
Paul said: “I’d like to wish Graham, Karler and Lynn well for the future. They leave a highly successful business in the capable hands of Ellie and Kelly, and I look forward to working alongside them both and the rest of the PIA team to take it on the next stage of its journey.”
Mike Bruce, GRP group managing director, said: “PIA meets the criteria we set out for all GRP’s acquisition targets; a dynamic management team, a hunger for growth and a desire to build their businesses within a larger structure.”
The consideration is undisclosed.