Searchlight invests in GRP

Searchlight Capital Partners has made an investment in Global Risk Partners, an independent insurance intermediary. No financial terms were disclosed.

PRESS RELEASE

3 February 2020: Global Risk Partners (“GRP”, “the Group”), the leading independent insurance intermediary, is pleased to announce a major investment into the firm from Searchlight Capital Partners (‘Searchlight’), a global private investment firm.

Founders Peter Cullum CBE and David Margrett and founding investor Penta Capital will all retain minority stakes, alongside the broader management team. Ares Management will also continue as an important capital provider to GRP.

The acquisition is subject to regulatory approval and following its completion, Mike Bruce, Group Managing Director, will become Group Chief Executive. The Group will also continue to benefit from the unrivalled expertise and experience of its founders, with David Margrett becoming non-executive Chairman and Peter Cullum remaining on the Board as a non-executive Director.

Founded in 2013, the Group has grown rapidly since inception, both organically and through acquisitions. Today, GRP is the UK’s second largest independent insurance intermediary with Gross Written Premium approaching £800m and more than 1,600 employees.

GRP operates retail broking, specialist MGA and Lloyd’s businesses, enabling the Group to serve the growing insurance and risk management needs of its clients, and create value through its presence across multiple points in the distribution chain.

Searchlight is a global private investment firm with over $7 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders.

Founders Peter Cullum CBE, Executive Chairman and David Margrett, Group Chief Executive said:

“We are both immensely proud of the business we have helped build from a standing start. In little over six years, it has grown to become one of the largest insurance intermediaries in the UK. We are delighted that Searchlight will become the new majority shareholder in GRP. Searchlight is an ideal partner and it was obvious from an early stage that its ambition for the business and understanding of the opportunity was closely aligned with the Group’s values and vision.”

Mike Bruce, Group Chief Executive designate, added:
“Partnering with Searchlight enables us to continue to capitalise on the considerable market opportunity ahead and their experience and relationships will be invaluable to GRP in executing our acquisition-led growth strategy. The power of this strategy is demonstrated by the quality of the businesses we have acquired and the talented people who have joined GRP through these acquisitions. We are proud that our scalable platform attracts entrepreneurial companies that want to join GRP to accelerate their growth and enhance the value proposition that they can provide to their customers. We look forward to working closely with Searchlight to build on GRP’s rapid development and continue GRP’s ambitious growth journey.”