Financial results are rarely as eye-catching as these.
Global Risk Partners (GRP), the insurance investment firm, has seen its gross written premiums more than double year on year – surging to £400 million, up from £150 million in 2015. Its EBITDA of underlying business stood at £12 million, up from £4.0 million one year earlier.
However, there was quite the caveat to those striking figures – because the company still posted a pre-tax loss of £7.11 million for the period. That compares to a loss of £2.69 million last year.
There was a strong justification for the hit, however – as the company has been on something of an acquisition spree with 12 acquisitions completed since 2013, including six in the new financial year. Its employee numbers have also risen too – now standing at more than 450.
Speaking about the results, David Margrett, GWP chief executive, described the period as “frenetic” but was pleased that the company had secured “high quality businesses with strong management teams”.
“From an aspirational start up in October 2013 we are today a significant market player, with a compelling proposition for our clients and insurer partners,” he said. “We will continue to invest heavily in new companies, teams and individuals as we look to further grow our distribution footprint thus helping brokers who want to create value from their life’s work.
“We now have an excellent platform in the Lloyd’s market with Lonmar and Ropner, but we remain interested in bolt-on acquisitions and recruitments that add strategic value to our business.
“On the MGA side of the business, we continue to seek businesses that have niche portfolios and which can demonstrate strong underwriting profitability.”
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