Brown & Brown has agreed to buy the insurance operations of Global Risk Partners (GRP) for an undisclosed amount in a deal expected to close in Q3.
GRP will operate within the Brown & Brown Retail segment and will continue to be led by Mike Bruce, global chief executive officer of GRP. Following the completion of the transaction, Mike will report to Barrett Brown, president of the retail segment and executive vice president and serve as a member of the Brown & Brown senior leadership team. GRP was established in 2013 and has annual revenue of $340m.
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.”
This is Brown & Brown’s latest acquisition after its agreement last month to acquire Orchid Underwriters Agency and CrossCover Insurance Services, along with the general insurance operations of BdB.
GRP has also been through the acquisition and divestment process a few times. It was itself acquired by Searchlight Capital Partners in June 2020, and picked up the business of Marsh UK Networks just over a year ago. It reportedly completed 18 acquisitions in 2019.
