Global Risk Partners Ltd has announced the acquisition of Thomas Sagar Insurances Ltd (Sagar) for an undisclosed fee, after receiving necessary regulatory approval.
Founded 60 years ago, Saga is a Burnley-based chartered insurance broker and the acquisition expands Global Risk Partners northern footprint for retail broking.
Mike Bruce, Global Risk Partners Chief Executive Officer (CEO), Broking, commented: “This is a quality business with an excellent track record in Lancashire, and strong ties to the community where it operates. We have been highly impressed with their focus on client servicing and look forward to assisting directors John and Susan Meadows and their team take Sagar to the next stage in its journey.”
John and Susan Meadows have been leading Sagar for a number of years, and will continue to do so under the ownership of Global Risk Partners.
John Meadows, said: “GRP offered us a compelling opportunity to create value from our successful stewardship of the business, and, looking ahead, to help us become a stronger proposition under new ownership.
“Our clients will benefit from new products and services available to us via the GRP portfolio of successful MGAs and brokers, and their relationships with blue chip insurers will enable us to further improve our competitiveness. We are looking forward to being part of one of most entrepreneurial and exciting businesses in UK broking.”
Bruce, added: “Sagar sits neatly between Marshall Wooldridge in Yorkshire and County Group in Cheshire/Manchester and, alongside our recent acquisition of Preston-based CCIB, delivers a considerable boost to the Northern footprint of GRP’s Broking Division.
“We will continue our strategy of acquiring first class regional brokerages to join our high quality portfolio of growth businesses that deliver value for customers, staff, insurer partners and investors.”