Global Risk Partners (GRP), part of Brown & Brown, has announced that it has acquired the general insurance portfolio of Woodward Markwell Insurance Brokers Ltd (WM Brokers Ltd). It is the 100th acquisition since 2013, when the business was founded.
The Ipswich-based firm will trade under the entity WM Brokers Ltd following the deal, and will become GRP’s hub business for East Anglia.
WM Brokers Ltd has been writing insurance in East Anglia for the last 40 years and is a highly respected business with strong links in the business community. It is primarily focused on SME but with a particular specialism in haulage.
Managing director David McGowan and fellow director Toni Vincent-Panich will remain at the helm and transfer across with all their general insurance colleagues. Outgoing director Julie Dyer will remain with the business for a number of months in her current role to ensure a seamless transfer.
Commenting on a century of deals, Mike Bruce, GRP CEO, said: “Through a combination of single-minded determination, client focus and astute deal-making we have generated powerful momentum and excellent results.”
“In celebrating our 100th deal we have shown the true value of a devolved, empowered consolidation model, that works for our people, brokers, clients and our insurer partners.”
Turning to WM Brokers, Mike said acquiring the portfolio is an important next step in achieving nationwide coverage for the group.
“We have stated our intention to trade across the whole of England and Wales, as well as Northern Ireland, and this acquisition is a key landmark in that strategy. WM Brokers is a high quality business with a solid footprint in East Anglia.”
“David McGowan and his team are highly impressive and experienced entrepreneurs and their strength as a unit was a key factor behind our interest in the business.”
“WM Brokers will be a valuable addition to our portfolio and we look forward to supporting them on the next stage of their growth journey.”
David McGowan commented: “It is great to become the 100th and newest member of the GRP family.”
“GRP has a reputation for supporting ambitious brokerages with a strong entrepreneurial ethos. We see this deal as an opportunity to significantly grow our presence in East Anglia and deliver an ever wider portfolio of products and services to our clients.”
I am excited by the opportunities that lie ahead. GRP will, I’m convinced, be excellent
custodians for our business, our colleagues and our clients.”
The deal has received regulatory approval and the consideration is undisclosed.
About Global Risk Partners
GRP operates retail broking, specialist MGA, network and Lloyd’s businesses, enabling the business to serve the growing insurance and risk management needs of its clients. GRP is an operating unit of Brown & Brown, Inc.
About Brown & Brown, Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With more than 14,500 teammates in 450+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbinsurance.com.
- For more information please contact: Ben Welsh 07568 382040