GRP buys WTW's Northern Ireland business

Global Risk Partners (GRP) has entered into an agreement with Willis Towers Watson (WTW) to buy WTW’s commercial risk and broking business in Northern Ireland.

GRP said in a statement that the business, which brings £57m in gross written premium, will be integrated into ABL Group, GRP’s Northern Ireland brokerage.

ABL’s chief executive officer, Maurice Boyd, will head up the combined operations, and all WTW staff involved with the portfolio will move to ABL following completion of the agreement.

GWP
Boyd commented: “This is a fantastic deal for ABL and GRP. Not only is the portfolio made up of high-quality commercial business and an excellent team, it underlines the importance the group attaches to Northern Ireland and our confidence in the future prospects for Northern Ireland business and the economy.

“The acquisition follows a number of recent deals completed by ABL, which combined with organic growth has taken total GWP to well over £50m. We have now smashed through the £100m GWP barrier and we have every intention of building on that with the strength and muscle from the new combined business.” 

The deal consideration is undisclosed, and the transaction does not include any part of WTW’s Human Capital & Benefits business in Northern Ireland or any operations in the Republic of Ireland.

Brian Curtis, head of Ireland at Willis Towers Watson, said: “I’m impressed by ABL’s vision for the business, their commitment to our colleagues, and their focus on giving clients the very best product and service proposition.

“I am confident our clients and colleagues will benefit greatly from the strengths of ABL and the wider GRP group.”

Deals
Belfast-headquartered ABL Group, which is the trading name of Abbey Bond Lovis, completed a management buyout backed by GRP in 2015.

The broker has previously bought McGrady in 2016 and Digney Grant in 2018. Last year, GRP purchased the renewal rights to seven books of business from Aon, including a “significant” portfolio in Northern Ireland.

GRP’s group CEO, Mike Bruce, said: “As well as being a coup for GRP, this is a great deal for Maurice and ABL and will give them the leading position in Northern Ireland broking.”

He added: “There is no waning in our M&A appetite and we remain very focused on our acquisition strategy across the UK and Ireland.

“The pandemic and subsequent disruption has challenged our ambitions, but through a combination of single-minded determination, client focus and astute deal-making we continue to generate powerful momentum and excellent results for our investors and insurer partners.”

WTW is in the process of divesting parts of its business ahead of its merger with Aon, which is on hold as a November trial looms in the United States, and the New Zealand Commerce Commission has also raised competition concerns. The broking giant recently agreed to divest $3.57bn (£2.53bn) of assets to Gallagher.

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