Global Risk Partners (GRP) has agreed to purchase Willis Towers Watson’s (WTW) commercial risk and broking business in Northern Ireland.
The financial details of the deal have not been disclosed.
As per the terms of the agreement, the acquired business’s £57m gross written premium (GWP) portfolio will be merged with GRP’s Northern Ireland brokerage, ABL Group.
ABL Group CEO Maurice Boyd will lead the combined entity and all the WTW’s staff who handled the portfolio will be moved to Belfast-based ABL Group.
GRP Group CEO Mike Bruce said: “As well as being a coup for GRP, this is a great deal for Maurice and ABL and will give them the leading position in Northern Ireland broking.”
Boyd added: “The acquisition follows a number of recent deals completed by ABL, which combined with organic growth has taken total GWP to well over £50m. We have now smashed through the £100m GWP barrier and we have every intention of building on that with the strength and muscle from the new combined business.”
Willis Towers Watson Ireland head Brian Curtis said: “I’m impressed by ABL’s vision for the business, their commitment to our colleagues, and their focus on giving clients the very best product and service proposition. I am confident our clients and colleagues will benefit greatly from the strengths of ABL and the wider GRP group.”
ABL Group noted that the deal does not include any part of WTW’s Human Capital & Benefits business in Northern Ireland or any operations in the Republic of Ireland.
Last week, GRP’s subsidiary, DCJ Insurance Group purchased Real Insurance Group for an undisclosed sum.
WTW has also been in the news for its proposed acquisition by Aon in a deal valued at approximately $35bn.