It was only a year ago that insurance broker Marshall Wooldridge was snapped up by investment vehicle Global Risk Partners (GRP), but now it has made an acquisition of its own.
Announced just minutes ago, the firm has confirmed a deal for chartered insurance broker ECS, which is based in Sheffield. ECS dates back to the 1970s and boasts a gross written premium of £4.3 million with managing director Jason Reynolds claiming that the bulk of its clients are “within a 30-mile radius of Sheffield.”
“Our strength is in our customer focus and risk solution expertise and we have developed several specialisms including a division dedicated to helping solicitors arrange insurance for properties in probate and subject to Court of Protection,” he said.
According to James Hall, managing director of Marshall Wooldridge, the deal is an important one for his firm, boosting its presence in and around the steel city.
The deal also marks the company’s first acquisition since becoming part of GRP, with Mike Bruce, CEO at GRP, hoping that its regional hub strategy will continue.
“The premise behind our investment in Marshall Wooldridge, as for ABL (Northern Ireland), Greens (South East) and Higos (South West), is to create regional hubs that will themselves grow through local acquisitions of well-established quality brokers,” he said.
“These acquisitions illustrate that there is appetite from business owners for the GRP model, which encourages management to stay at the helm of their businesses and continue to grow both organically and by acquiring local brokers by using GRP as the funding vehicle.”
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