Global Risk Partners (GRP) has bought the complete share capital of Aylesbury, UK-based Nucleus Underwriting Limited for undisclosed amount.

It is the first managing general agent (MGA) bought under GRP’s new owners Brown & Brown.

This deal has been approved by the UK’s Financial Conduct Authority.

Nucleus is a specialist MGA that offers insurance to the lifesciences, R&D and specialist manufacturing segments.

Nucleus, which commenced trading in 2014, will become a trading style under the Camberford Underwriting brand.

Its managing director James McHugh and the other employees will continue to remain with the business under the new ownership.

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GRP’s MGA division head Clive Nathan said: “Nucleus is exactly the type of business we look for. It has a true niche focus with great underwriting experience and a leader who will fit well in our culture.

“We are confident that, as part of Camberford, Nucleus will go from strength to strength. We are thrilled to be working with James to support this key sector of the economy, where growth is a priority for the UK.”

“It’s great to have such an exciting business joining Camberford as we continue to consider additional opportunities in the MGA space.”

James McHugh said: “Clive painted a compelling picture of the opportunity for Nucleus within the GRP family.”

“We are all very excited to be joining Camberford and, with their help, are confident of building out a leading position in the SME space for Lifesciences, R&D and Specialist Manufacturing industries which are earmarked for substantial growth and are part of delivering prosperity for the wider UK economy.”