Insurance intermediary Global Risk Partners has agreed to acquire a majority stake in the digital broker Hamilton Fraser (the trading name of HFIS Limited). The consideration for the acquisition is undisclosed.
Borehamwood-based Hamilton Fraser, which celebrated its 25th-anniversary last year, was founded in 1996 by Simon Fox, Eddie Hooker and David Jacobs. The firm provides specialist insurance risk management for the private rented property sector and the cosmetic and aesthetic practitioners industry, and employs 223 staff. Per the terms of the deal, all the staff will remain with the business and move across to become part of GRP, including Eddie Hooker, who will continue as CEO and shareholder at Hamilton Fraser.
Commenting on the deal, Stephen Ross, head of M&A at GRP, said the group was impressed by the quality of Hamilton Fraser and its “outstanding track record of success in its chosen niches”. The business is a great fit for GRP, he said, as it is a high-class brokerage with a firm commitment to digital innovation and customer-centricity.
Ross added that Hamilton Fraser will continue to trade under its existing brands, which include mydeposits, Client Money Protect and Landlord Action, and will sit within GRP’s high growth digital division headed by Steve Anson, GRP’s chief operating officer.
“We are fully invested in building up a digital powerhouse for GRP under Steve Anson’s leadership and the acquisition of Hamilton Fraser brings significant innovation, growth and talent to the unit,” he said. “This deal continues our fast start to 2022, following the acquisition of Goldthorpe by Marshall Wooldridge and BIG Insurance by Alan & Thomas in January.
“Our pipeline is as strong as it has ever been and we expect to be making further announcements during Q1 2022. We remain keen to talk to brokers and MGAs looking to create value and become part of one of the most dynamic, growth-oriented businesses in UK broking.”
Hooker also commented on the deal and highlighted that finding a partner who believed in the Hamilton Fraser business and understood its unique standing in its chosen niche specialities was an essential part of the transaction. GRP proved it would be the right home going forward, he said, and he is confident the group is the best custodian for the business, its people and its clients as it embarks on the next stage of its growth journey.
“There is everything to play for as the economy emerges from the pandemic and with GRP’s firepower at our disposal, our expectation is that we are in for a period of rapid growth in our chosen markets,” he said. “We believe that the additional resource and capability provided by GRP will enable us to enhance our product and service proposition and cut better deals for our clients in what is a competitive market.
“With this deal, GRP has incentivised us to accelerate our growth, and I look forward to a long and fruitful future under this new partnership.”
