GMM Commercial Insurance Services Ltd is now owned by Higos Insurance Services Ltd, after regulatory approval for the acquisition was granted.
The acquired broker specialises in the area of food and drink manufacturing, which Higos said is a current strategic focus for the firm. Founded by managing director Simon Rice more than three decades ago, GMM wrote £2 million of gross written premium in 2017.
“We warmly welcome Simon Rice and his six-strong team to Higos,” commented Higos managing director Ian Gosden. “They are a high-quality business with an excellent reputation in the South West, and will considerably strengthen our presence in South Devon.”
Part of the Global Risk Partners Group (GRP), insurance broker Higos has more than 20 offices in the South West of England.
“GMM has been my passion for 35 years, and I am delighted to secure our future with Higos,” said Rice. “Ian painted a compelling picture of the opportunity for GMM as part of Higos, and the wider GRP family, as well as for our customers, who will benefit from a broader set of products and further improvements in service.”
Mike Bruce, GRP’s CEO Broking, noted that the deal – the fourth in the past nine months – illustrates the strategy of combining smart acquisitions with accelerating organic growth. Recent buys by Higos were Courtenay, Colin Fear, and Mellerup’s.
“We continue to develop acquisition opportunities in the South West, and look forward to further strengthening our portfolio during 2018,” added Gosden.
Related stories:
Higos reveals own acquisition of commercial broker Colin Fear
Higos snaps up Mellerup’s General Insurances Ltd
