Global Risk Partners (GRP), which is now an operating unit of Brown & Brown, Inc., has acquired the share capital of Maidstone-based broker First Insurance Solutions Ltd.
“The deal is our first since becoming part of the Brown & Brown family and underscores that it remains very much business-as-usual where our buy-and-build strategy for retail is concerned,” said GRP group chief executive Mike Bruce.
“First Insurance is a quality regional broker, and we look forward to working with Martin, Matthew, and Andrew to build out their market presence… This deal, coming so soon after our own change of ownership, signals our determination to continue to look for businesses with entrepreneurial management teams that want to build their futures with GRP.”
Brown & Brown’s swoop for GRP was finalised earlier this month. As for the First Insurance acquisition, financial terms of which were not disclosed, regulatory approval is also already secured.
Commenting on the finalised transaction, First Insurance founder and chair Martin Bell stated: “We are very excited by the opportunity to become part of GRP Retail, and we fully expect that with GRP’s support, we will make a step change in our growth strategy in the coming months.”
Bell brings with him all First Insurance colleagues, who specialise in insurance for contracting sectors, including managing director Matthew Sendall-King and director Andrew Chibeba. The firm’s branding will be retained.
