Global Risk Partners agrees deal to take over top health and protection insurance advice firm
In June 2020, global private investment firm, Searchlight Capital Partners, purchased a majority stake in Global Risk Partners (GRP) and Premier Choice (PCH) is the firm's first acquisition in the health insurance space.
According to GRP's head of M&A Stephen Ross, PCH will become its healthcare hub and the transaction is subject to regulatory approval.
He said: "Our intention is to drive further acquisitions of healthcare businesses and portfolios, expanding our overall proposition to offer both new and existing clients a suite of healthcare products alongside our existing services."
"We believe that there is significant M&A opportunity in the healthcare market. We are keen to mirror the acquisition success we have had in the UK regional general insurance market. With Searchlight's support and their significant capital backing, we intend to rapidly grow our market footprint and have already developed a strong pipeline of transactions."
Premier Choice MD Claire Ginnelly will continue to lead the firm, which is based in Towcester and has 25 employees, offering group risk and protection products to SMEs and individual customers.
Teresa Ostle will serve as operations director and Richard Holden, who has worked for Chase Templeton, joins the business as PCH's commercial director.
Founded in 1996, it will control circa £60m of gross written premium (GWP), GRP said.
Claire Ginnelly, managing director, said: "After 25 years as a successful independent, we wanted to push ourselves to the next stage of growth, and are very excited to be joining GRP as the healthcare hub with a clear brief to accelerate the healthcare operation."
"We were impressed by the resources that GRP can make available to us for acquisitions, and our reach will grow exponentially by developing our links with the other hubs in GRP's retail division. Our focus will be on growing our business organically and by acquisition. As part of GRP, we remain committed to our current distribution channels and the range of products we advise on."
Mike Bruce, GRP Group CEO added: "I am delighted to welcome Claire, Teresa, Richard and all the PCH team to GRP, especially as it is our first deal in the healthcare sector. It signposts our intention to accelerate our growth trajectory following the Searchlight investment, and we look forward to rapidly develop in this sector."
GRP was founded in 2013 and has grown to become the UK's second largest independent insurance intermediary with GWP approaching £800m and more than 1,600 employees. It operates in retail broking, specialist MGA and Lloyd's businesses.