GRP achieves deal century with Woodward Markwell Insurance Brokers buy

The Ipswich-based firm will trade under the entity WM Brokers following completion of the deal and will become GRP’s hub business for East Anglia.

WM Brokers has been operating in East Anglia for the last 40 years and primarily focuses on SME with specialism in haulage.

GRP CEO, Mike Bruce commented: “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.”

WM Brokers’ managing director, David McGowan, and director, Toni Vincent-Panich, will remain at their positions and transfer across with all their general insurance colleagues.

Outgoing director, Julia Dyer will remain with the business for several months in her current role to ensure a seamless transfer to GRP.

The price of the deal has not been revealed but has received regulatory approval.

Nationwide coverage

Bruce said acquiring the portfolio is an important next step in achieving nationwide coverage for the group.

He continued: “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.

“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. 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.”

McGowan said that the deal is a chance to expand WM Brokers’ regional presence.

He commented: “It is great to become the 100th and newest member of the GRP family. 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.

“I am excited by the opportunities that lie ahead. GRP will, I’m convinced, be excellent custodians for our business, our colleagues, and our clients.”

This is GRP’s third deal since Brown & Brown’s £1.48bn takeover. The second deal was last week, as GRP-owned Newstead bought Crendon Insurance Brokers. GRP acquired Maidstone-based First Insurance Solutions two days before Newstead added Crendon to its portfolio.

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