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Specialist professional indemnity broker Cavendish Munro, which was itself acquired nearly three years ago, has made its own swoop.
For an undisclosed sum, the Global Risk Partners (GRP) firm snapped up Professional Insurance Agents Ltd (PIA). Based in Eastbourne, PIA specialises in financial lines insurance products such as professional indemnity, directors and officers (D&O), medical-related insurance, as well as SME (small- and medium-sized enterprises) and mid-corporate commercial coverage.
Upon completion of the deal, PIA chief executive Graham Hearsey and directors Karler Mears and Lynn Hearsey will retire. Tapped to be in charge of future operations are directors Ellie Hearsey and Kelly Fyfe.
“PIA is a high-quality specialist broker and seamlessly complements our own proposition,” noted Cavendish Munro founder and managing director Paul Byrne, who described PIA as a “perfect strategic fit” for them.
“We have been firmly focused on accelerating our growth since we became part of GRP in 2016, and while this is our first acquisition, we are confident that there will be more to come.”
Group managing director Mike Bruce noted GRP’s criteria when it comes to acquisitions – “a dynamic management team, a hunger for growth, and a desire to build their businesses within a larger structure” – and said PIA meets them.
Meanwhile Byrne stated further: “I’d like to wish Graham, Karler, and Lynn well for the future. They leave a highly successful business in the capable hands of Ellie and Kelly, and I look forward to working alongside them both and the rest of the PIA team to take it on the next stage of its journey.”
