GRP snaps up Ipswich-based broker

Global Risk Partners (GRP) has bought Ipswich-based Five Insurance Brokers for an undisclosed sum.

The deal follows the announcement from last week that GRP has agreed to acquire Marsh Networks UK.

The business detailed that Five Insurance is a specialist provider of commercial insurance to the construction, manufacturing and process, haulage, motor trade and warehousing sectors.

It was founded in 2010 by its five directors, Jeremy Howard, Robert Shurety, Lindsay Drain, Stuart Paris and Simon Hughes.

According to GRP, the broker will remain in its current location and continue to be led by the incumbent management team. GRP noted it plans to make Five Insurance Brokers an appointed representative of the group.

All 13 employees will stay with the business under new ownership, although one of the directors, Jeremy Howard, has decided to step away from the business following completion. 

Firepower
GRP stated that Five Insurance Brokers will remain as a stand-alone business. Director Rob Shurety said the business is targeting substantial growth on the back of added firepower from being part of GRP.

He commented: “At a time when we are seeing rates hardening across our specialist sectors, it is important that we obtain the best possible deals for our clients, maintaining the level of cover they need at the right price.

“As part of GRP, we’ll improve our access to senior decision makers within insurers, which will help us strike better deals for our clients.”

Shurety continued: “In summary, this is a great deal for Five Insurance Brokers and our clients and we are fully expecting to accelerate our profitable growth under new ownership.

“The continuing economic uncertainty brought about by the pandemic and Brexit was a factor in our decision to become part of GRP, where Mike [Bruce] and the team encourage the right balance between enabling us to continue to develop our brand and offering help and support when we need it.”

Footprint
Stephen Ross, GRP’s head of M&A, said: “This is a high-quality business with an experienced, highly entrepreneurial management team. Five Insurance Brokers have good roots in East Anglia and give us a significant footprint in this part of the country.

“Despite our announcing the major acquisition of Marsh Networks UK last week, this deal underlines the continued strength of our pipeline and that we continue to have a strong appetite to bring deals across the line.”

Ross explained that the deal completed on 16 February.

For all the latest industry news direct to your inbox, sign up for our daily newsletter.