Global Risk Partners Ltd. (GRP) has acquired the commercial and personal insurance broker BB Insure, which has offices in the UK cities of Boston and Skegness.
BB Insure’s management team will continue to lead the business and Rob Brooks, managing director, is a co-investor in the business.
Brooks said the deal will help BB Insure’s business grow and give clients access to enhanced products and markets.
“With the support of Global Risk Partners, we can expand the business while maintaining our reputation as a client focused organization providing high standards of professional service,” Brooks said.
Trading since 2012, BB Insure specializes in agriculture, business, industrial, haulage, leisure, landlord and personal insurance throughout the UK.
“BB Insure has grown rapidly in recent years under Rob’s leadership, and we see this as an ideal base to expand our footprint in the region through further acquisitions and recruitment of talented individuals,” said Mike Bruce, CEO Broking for London-based GRP.
He went on to say that GRP currently handles approximately £400 million ($519.4 million) of insurance premium and “offers an ideal environment for entrepreneurial businesses, teams and individuals who wish to grow as part of an independent, strongly capitalized, regulatory compliant intermediary business.”
About Global Risk Partners
Global Risk Partners is an investment vehicle aimed at brokers and managing general agents (MGAs) trading in the UK retail and global, specialty insurance markets. Established in 2013 by Peter Cullum, chairman, and David Margrett, chief executive, GRP acquires businesses, teams and portfolios that have niche, non-commoditized and specialty propositions. It is backed by private equity firm Penta Capital LLP.
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