Trimulgherry Investments Ltd (TIL), which is majority owned by Global Risk Partners (GRP) co-founder and chairman Peter Cullum CBE, has been snapped up by GRP.
Without disclosing the financial terms of the transaction, the Penta Capital LLP-backed enterprise said it has secured regulatory approval for the acquisition. TIL businesses control approximately £45 million of gross written premium (GWP), according to GRP group managing director Mike Bruce.
The acquired firm’s portfolio consists of three managing general agents (MGAs) and six insurance brokers. The MGAs will join their new owner’s underwriting division while commercial broker LDS will become GRP’s retail hub for North London and Essex.
“All nine businesses trade independently of each other in their clearly defined niche market segments, and are showing strong growth, but they are highly complementary and will integrate smoothly into our MGA and retail broking divisions,” noted Bruce, who described TIL as a natural fit for GRP.
“As a result, we expect to create significant synergies and free up the management teams to focus on what they’re good at, namely looking after their clients and growing their books.”
A significant addition to the group’s overall £700 million-plus GWP, the latest purchase brings GRP’s acquisitions since coming to life in 2013 to a total of 47. Bruce said further swoops are in the offing amid a “very strong” 2019 pipeline.
Meanwhile TIL chief executive James McCaffrey commented: “It was always our ambition to bring TIL together with GRP, and we are now at the right stage of our development to do so.” He added that the business is expected to take full advantage of being part of GRP.