Global Risk Partners (GRP), established in 2013 by industry veterans Peter Cullum, David Margrett, and Stephen Ross, has rapidly ascended to become a prominent independent insurance intermediary in the United Kingdom. Boasting an impressive annual revenue of approximately $340 million, GRP serves nearly half a million personal and commercial clients. The group’s operations are structured around four core pillars: retail broking, specialist Managing General Agent (MGA), network, and Lloyd’s businesses. Headquartered in London, GRP’s extensive network comprises over 2,100 insurance professionals spread across more than 110 locations throughout the U.K. and Ireland.
Upon completion of the acquisition, Global Risk Partners will be integrated into Brown & Brown’s Retail segment. Mike Bruce, the current global chief executive officer of GRP, will continue to lead the operations. In his new role, Bruce will report to Barrett Brown, president of the Retail segment and executive vice president at Brown & Brown, and will also join the Brown & Brown senior leadership team. This integration ensures continuity in leadership and strategic direction for GRP within the Brown & Brown framework.
J. Powell Brown, president and chief executive officer of Brown & Brown, emphasized the strategic alignment and shared values driving this acquisition. “We believe that aligning companies with common values will lead to shared success. Mike Bruce and the team at Global Risk Partners are like-minded individuals that have a disciplined focus on doing what is best for their customers, teammates and carrier partners. GRP’s position as an industry leader in the U.K., their experience in international markets and generation of new market segments will allow us to further expand our international footprint and broaden the scope of our global capabilities,” stated J. Powell Brown. This highlights the strategic rationale behind the acquisition, emphasizing cultural fit and market expansion.
Barrett Brown further elaborated on the synergistic benefits of incorporating Global Risk Partners into Brown & Brown. “We are very excited to have Mike Bruce, GRP leadership, and their talented teammates join the Brown & Brown team. Like GRP, we are very proud of our deep experience, credibility and capabilities that allow us to help customers of all sizes and geographic locations. The addition of GRP, with their footprint across the U.K. and Ireland, helps us broaden our reach. Their highly successful acquisition experience will help us accelerate our growth on a global scale and expand our market relationships.” This underscores the mutual benefits expected from the acquisition, particularly in terms of market reach and growth acceleration.
Mike Bruce, global chief executive officer of Global Risk Partners, also expressed enthusiasm about the deal. “This is a superb deal for GRP. Brown & Brown share a similar entrepreneurial ethos to us, and their ownership will bring a long-term perspective which opens up new opportunities for growth and provides the ideal springboard for continued strategic investment in GRP’s team and digital infrastructure.” Bruce’s statement reflects a positive outlook on the future prospects for GRP under Brown & Brown’s ownership, highlighting opportunities for growth and investment.
Image: The Brown & Brown Inc. logo, representing the acquiring company in the Global Risk Partners acquisition.
Brown & Brown, Inc., since its inception in 1939, has established itself as a leading brokerage firm committed to delivering comprehensive risk management solutions to both individuals and businesses. With a vast network of over 12,000 employees across more than 300 locations in the U.S. and select international markets, Brown & Brown is dedicated to providing innovative strategies that protect what their customers value most. The acquisition of Global Risk Partners aligns with this mission by significantly enhancing their global service capabilities and market presence.
Global Risk Partners, since its founding in 2013, has experienced rapid growth to become one of the U.K.’s largest independent insurance intermediaries. GRP’s diversified business model, encompassing retail broking, specialist MGA, network, and Lloyd’s businesses, enables it to effectively meet the evolving insurance and risk management needs of a wide client base. The group is known for its strategic acquisitions of businesses, teams, and portfolios that possess niche, specialized propositions and demonstrate strong profitability, making it an attractive partner for Brown & Brown.
Conference Call and Forward-Looking Statements
To discuss the details of this transaction, Brown & Brown hosted a conference call on Tuesday, March 8, 2022. The company also made available a slide presentation on the investor relations section of their website, www.bbinsurance.com. The press release also included forward-looking statements, cautioning readers about potential uncertainties and risks associated with the acquisition, typical in such announcements. These statements covered various aspects, including regulatory approvals, integration risks, and realization of anticipated benefits. Brown & Brown emphasized that these statements reflect their current beliefs and are subject to change based on future events and circumstances.
Conclusion
The acquisition of Global Risk Partners by Brown & Brown marks a pivotal moment for both companies. For Brown & Brown, it signifies a substantial expansion of its international operations and capabilities, particularly within the strategically important UK and Irish insurance markets. For Global Risk Partners, becoming part of Brown & Brown offers enhanced resources and opportunities for continued growth and innovation. This strategic alignment is expected to yield significant benefits for both organizations, their clients, and the broader insurance landscape.
