Global Risk Partners Limited (GRP), the acquisitive insurance broking and managing general agent investment vehicle, has acquired Marshall Wooldridge, a UK commercial insurance broker which controls in excess of £20 million ($25.2 million) GWP.
Marshall Wooldridge has served the business community in and around Leeds, England for over 40 years and employs 50 staff based in its offices in Leeds and Rotherham.
The acquisition by GRP signals the start of an “ambitious plan to double the size of Marshall Wooldridge in the next three years, both organically and by local acquisitions,” said GRP in a statement.
James Hall, managing director of Marshall Wooldridge, will continue to lead the business and is a co-investor.
“I am delighted we have completed the acquisition of Marshall Wooldridge – it is a highly regarded broker with a strong reputation in both the local market and within its specialist areas,” said Mike Bruce, CEO broking for GRP said.
“This is a key acquisition for GRP’s broking business as we continue to focus on our strategy of developing a national footprint of quality commercial brokers. In addition to working with James and his excellent management team to accelerate their own growth plans, Marshall Wooldridge will provide a regional base to accommodate further acquisitions we have already identified, and the recruitment of high quality teams and individuals in Yorkshire and the surrounding counties,” Bruce added.
Being a member of GRP’s broking operation will enable Marshall Wooldridge “to benefit from greater distribution for our specialist products and access to markets,” said James Hall, managing director of Marshall Wooldridge. “GRP’s model is ideal for our staff and clients, as we will continue to trade under the Marshall Wooldridge name, but benefit from the financial backing and management expertise of GRP.”
David Margrett, chief executive of GRP commented: “We consider Marshall Wooldridge to be the standout broker in the region and are keen to rapidly accelerate its growth. This acquisition is a key move in our retail broking business and we expect to be announcing a number of further acquisitions over the next few months.”
He said that Marshall Wooldridge is GRP’s seventh acquisition of the year, controlling GWP in excess of £420 million [$528 million].
Source: Global Risk Partners
Topics Mergers & Acquisitions Trends Agencies
Was this article valuable?
Here are more articles you may enjoy.
Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination 
4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says 
FBI Says Chinese Hackers Preparing to Attack US Infrastructure 
North Carolina Adjuster and Son Charged With Embezzlement in Roof Jobs 
