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Global Risk Partners (GRP), part of Brown & Brown, announced it has acquired the general insurance portfolio of Woodward Markwell Insurance Brokers Ltd. (WM Brokers Ltd).
The deal marks GRP’s 100th acquisition since 2013, when the business was founded.
Financial details of the transaction were not disclosed.
The Ipswich, England-based firm will trade under the entity WM Brokers Ltd. and will become GRP’s hub business for East Anglia, a region in the east of England.
WM Brokers Ltd. has been writing insurance in East Anglia for the last 40 years and is a highly respected business with strong links in the business community. It is primarily focused on SMEs with a particular specialism in haulage.
Managing director David McGowan and fellow director Toni Vincent-Panich will remain at the helm and transfer across with all their general insurance colleagues. Outgoing director Julie Dyer will remain with the business for a number of months in her current role to ensure a seamless transfer.
“Through a combination of single-minded determination, client focus and astute deal-making we have generated powerful momentum and excellent results. In celebrating our 100th deal we have shown the true value of a devolved, empowered consolidation model, that works for our people, brokers, clients and our insurer partners,” commented GRP CEO Mike Bruce.
Bruce said the acquistion of the portfolio is an important next step in achieving nationwide coverage for the group.
“We have stated our intention to trade across the whole of England and Wales, as well as Northern Ireland, and this acquisition is a key landmark in that strategy. WM Brokers is a high quality business with a solid footprint in East Anglia,” he added.
“David McGowan and his team are highly impressive and experienced entrepreneurs and their strength as a unit was a key factor behind our interest in the business,” Bruce said. “WM Brokers will be a valuable addition to our portfolio, and we look forward to supporting them on the next stage of their growth journey.”
“It is great to become the 100th and newest member of the GRP family,” said McGowan. “GRP has a reputation for supporting ambitious brokerages with a strong entrepreneurial ethos. We see this deal as an opportunity to significantly grow our presence in East Anglia and deliver an ever wider portfolio of products and services to our clients.”
Source: Global Risk Partners
Topics
Mergers & Acquisitions
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