View this article online: https://www.insurancejournal.com/news/international/2020/02/04/557337.htm
Insurance intermediary Global Risk Partners announced a major investment into the firm from Searchlight Capital Partners, a global private investment firm.
Founders Peter Cullum and David Margrett and founding investor Penta Capital will all retain minority stakes, alongside the broader management team. Ares Management will also continue as a capital provider to GRP.
The acquisition is subject to regulatory approval and following its completion, Mike Bruce, group managing director, will become group chief executive.
Margrett will become non-executive chairman while Cullum will remain on the board as a non-executive director.
Founded in 2013, GRP has grown both organically and through acquisitions. Today, GRP is one of the UK’s largest independent insurance intermediaries with gross written premium approaching £800m and more than 1,600 employees.
GRP operates retail broking, specialist managing general agency and Lloyd’s businesses.
Searchlight is a global private investment firm with $7 billion in assets under management and offices in New York, London and Toronto.