Global Risk Partners Ltd. (GRP), the insurance broking and managing general agent investment vehicle, has completed its acquisition of Cavendish Munro Professional Risks Ltd., the specialist retail broker.
Cavendish Munro is a London-based professional indemnity (PI) specialist, focused primarily on the surveyor, architect, solicitor, accountant and engineering sectors.
Following this transaction, the annual premium transacted across GRP’s businesses increases to over £370 million ($537 million), London-based GRP said in a statement. (The terms of the transaction were not disclosed.)
Paul Byrne, managing director, will continue to lead Cavendish Munro, and is a co-investor in the business going forward. Neil Stables, chairman, will be retiring on completion of the transaction.
“We are delighted to have joined GRP’s expanding broking operation where we see great opportunities to continue to develop our business,” said Paul Byrne, managing director of Cavendish Munro.
“Having founded Cavendish Munro ten years ago, the time was right to become part of a larger business, where we can benefit from greater distribution and insurer relationships,” Byrne added.
“Cavendish Munro has enjoyed excellent growth in recent years, and through its strong client focused culture, has established itself as a specialist in its chosen fields,” said Mike Bruce, CEO Broking for GRP. “I am looking forward to working with Paul and the team to accelerate this positive growth trajectory and for Cavendish Munro to establish itself as the specialist PI provider within our growing broking business.”
Peter Cullum, chairman of GRP: “This represents an important strategic acquisition, following hard on the heels of Lonmar, McGrady and Synergy, making a total of four deals completed already this year. This coupled with a strong pipeline augurs well for a hugely successful 2016.”
Source: Global Risk Partners
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