Brown & Brown entered into an agreement to acquire Global Risk Partners Limited (GRP) insurance operations. The transaction is expected to close in the third quarter of 2022, subject to certain closing conditions.
GRP was established in 2013 by Peter Cullum, David Margrett and Stephen Ross. With annual revenue of $340 million, GRP is one of the top independent insurance intermediaries in the United Kingdom (U.K.), servicing nearly half a million personal and commercial customers. GRP group includes four pillars of operations: retail broking, specialist MGA, network and Lloyd’s businesses. Headquartered in London, GRP is composed of more than 2,100 insurance professionals in 110+ locations throughout the U.K. and Ireland.
GRP will operate within the Brown & Brown Retail segment and will continue to be led by Mike Bruce, global chief executive officer of GRP. After closing, Bruce will report to Barrett Brown, president of the Retail segment.
“We believe that aligning companies with common values will lead to shared success. Mike Bruce and the team at GRP are like-minded individuals that have a disciplined focus on doing what is best for their customers, teammates and carrier partners,” said J. Powell Brown, president and CEO of Brown & Brown.
Bruce said the sale was a superb deal for GRP.
“Brown & Brown share a similar entrepreneurial ethos to us, and their ownership will bring a long-term perspective,” he said.
