Independent insurance intermediary Global Risk Partners (GRP) has acquired retail insurance broker bpw Insurance Services for an undisclosed sum.

Founded in 1983, the acquired firm is based in Newport, South Wales and specialises in offering commercial and property insurance.

Under the terms of the agreement, BPW managing director Paul Wiggins will continue to oversee operations along with his other directors, Jason Evans, Ian O’Brien, Alison Phillips, and Alisha Edwards.

GRP will also retain 23 staff members of BPW.

GRP head of M&A Stephen Ross said: “It is a highly successful local business, and Paul is a well-known insurance leader in South Wales. He is focused on building out BPW’s market presence, and we are keen to support his plans.”

“The business has deep roots in its community and has an excellent reputation with its clients. Paul and his team are progressive, dynamic and entrepreneurial, and I am really pleased they’ve chosen GRP to be the custodians for their business.”

This deal has secured approval from the UK’s Financial Conduct Authority.

Wiggins said: “The value of being part of a bigger group is not just the better access to insurer partners and resultant enhanced product offerings to our clients, but also the opportunity to utilise GRP’s central resources to help us to focus on our clients and grow our business.

“We are all very excited about the prospect of being part of the GRP/Brown & Brown team, and 2023 promises to be an exciting year for us.”

Earlier this week, GRP bought Nucleus Underwriting, a specialist managing general agent (MGA) that caters to the life sciences, R&D and specialist manufacturing segments.