Fri, 17/08/2018 - 10:15
City law firm Wedlake Bell has advised Global Risk Partners (GRP) on its third acquisition in the past month. GRP’s Northern Irish retail broking hub, Abbey Bond Lovis (ABL), has acquired a majority share in Digney Grant Ltd, a Northern Irish insurance broking firm, for an undisclosed fee.
The deal completed on 15 August 2018 and has received regulatory approval.
GRP’s acquisition of Digney Grant through its ABL hub demonstrates the effectiveness of GRP’s hub strategy across the UK which enables the group to pursue acquisitions of companies who are experienced specialists in their regions. This latest deal – which strengthens GRP’s reach in Northern Ireland – closely follows GRP’s recent acquisition of a majority shareholding in DCJ Group Insurance and Risk Management and prior to that, Guardian Insurance Brokers.
GRP is a specialist group with a focus on investing in brokers, managing general agents (MGAs) and teams trading in the UK retail and global, specialty insurance and reinsurance markets. Since its inception five years ago, GRP has successfully completed 33 acquisitions which includes the latest acquisition of Digney Grant. The company’s Gross Written Premium (GWP) currently stands in excess of GBP700 million.
Established over 40 years ago, Digney Grant is an insurance broking firm which operates in both the commercial and private business space and has offices in Newry and Banbridge. Following the acquisition, Digney Grant’s three directors, Anthony Boden, Sean Grant and Paul Grant and their 21-strong team will join and operate within the GRP group.
The Wedlake Bell Team led by Corporate Partner, Nigel Taylor, advised GRP on the transaction. Nigel was assisted by Rebecca Patrickson, Senior Associate and David Ambler, Trainee Solicitor in the Corporate Team. Throughout the acquisition, Wedlake Bell worked closely with Andrew Hunter, General Counsel of Global Risk Partners. Digney Grant was advised by Chris Guy and Amyee Taylor of Mills Selig.
Nigel Taylor, Partner at Wedlake Bell, says: “Global Risk Partners is currently executing an ambitious acquisition plan and Wedlake Bell is pleased to be a part of this journey by providing the strategic legal advice on the company’s latest acquisitions. Our Team looks forward to working with Andrew Hunter and the GRP group in the future, as it continues to expand its business.”
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