Brown & Brown has signed an agreement to buy London-based brokerage Global Risk Partners.

The deal is expected to close in the third quarter of 2022, subject to certain closing conditions that include regulatory approvals.

Terms of the deal were not disclosed.

Established in 2013 by Peter Cullum, David Margrett and Stephen Ross, GRP has an annual revenue of around $340m.  

This independent insurance intermediary provides services to almost half a million personal and commercial customers.

It has four operations: retail broking, specialist MGA, network and Lloyd’s businesses.

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By GlobalData

The firm has over 2,100 insurance professionals in more than 110 locations across the UK and Ireland.

Post completion of the transaction, GRP will continue to be led by its global CEO Mike Bruce but will operate within the Brown & Brown Retail segment.

Bruce will report to Barrett Brown, president of the Retail segment and executive vice president.

He will also serve as a member of the senior leadership team at Brown & Brown.

Brown & Brown president and CEO J Powell Brown said: “We believe that aligning companies with common values will lead to shared success. Mike Bruce and the team at GRP 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.”

Bruce said: “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.”