US broker firm Brown & Brown has completed the acquisition of Global Risk Partners Limited (GRP).
In March 2022, the firm agreed to buy the insurance operations of GRP for an undisclosed amount in a deal expected to close in Q3.
According to the announcement, GRP will operate within the Brown & Brown Retail segment and will continue to be led by Mike Bruce, global chief executive officer of GRP.
The broker stated that following the completion of the transaction, Bruce will report to the president of the retail segment and executive vice president and serve as a member of the Brown & Brown senior leadership team, Barrett Brown.
This is Brown & Brown’s latest acquisition after reaching an agreement to acquire the general insurance operating entities of BdB Limited companies, a specialist wholesale broker, in February; and acquiring Orchid Underwriters Agency and CrossCover Insurance Services in April.
J. Powell Brown, president and chief executive officer of Brown & 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.”
He added: “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.”