Searchlight Capital Partners has completed its acquisition of a majority stake in the London-based independent insurance intermediary Global Risk Partners (GRP).

Financial details of the deal were not disclosed.

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Following the acquisition, Mike Bruce will take the role of group chief executive at GRP and Andy Homer appointed as non-executive chairman, in addition to his long-standing role chairing the board of the retail division.

Founders Peter Cullum and David Margrett and founding investor Penta Capital will retain minority stakes in GRP alongside the broader management team.

David Margrett will take the role of non-executive chairman and Peter Cullum will be a non-executive director of the group holding company.

GRP founders Peter Cullum and David Margrett said: “This is an important milestone for GRP, and we are delighted to announce today’s completion. Searchlight is the right partner to support the Group on the next stage of its journey and we look forward to working closely with them as GRP continues to grow.”

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Searchlight partner Andrew Frey said: “We are pleased to complete our investment into GRP and to begin working with Mike and the management team. GRP’s differentiated ‘hub and spoke’ model and entrepreneurial, owner-driver culture has enabled GRP to build a leading market position through impressive growth.

“By combining local presence with deep data-driven expertise, GRP offers a better product set and a superior service to its clients. We are confident that with our deep investment, industry and operational expertise, we can accelerate the growth of the business and reinforce its position as a leading player in a highly fragmented industry.”