City law firm Wedlake Bell has advised Global Risk Partners (“GRP”) on its acquisition of Trimulgherry Investments Ltd (“TIL”) for an undisclosed sum.
Specialist group GRP – one of the leading independent brokers in the UK – is aimed at acquiring brokers and managing general agents (“MGAs”) trading in the UK retail and global specialty insurance markets. GRP acquires businesses, teams and portfolios that have niche, non-commoditised, specialty propositions and strong profitability. The acquisition is a significant addition to GRP’s overall Gross Written Premium (“GWP”) which is now greater than £700m.
TIL which is majority owned by Peter Cullum – who also backs GRP – comprises nine leading specialist insurance broking and MGA businesses. GRP’s acquisition of TIL has received regulatory approval. The portfolio consists of three MGAs and six brokers, commercial specialist LDS which will become GRP’s retail centre for North London and Essex. The three MGAs – Lexicon, Oasis Property Insurance Services and Cherish – will form part of GRP’s underwriting division.
The Wedlake Bell Group who advised on the transaction was led by Corporate Partner Nigel Taylor – and included Corporate Partner Adam Edwards, Senior Associate Rebecca Patrickson and Solicitor Omar Amin. They worked closely with GRP’s General Counsel, Andrew Hunter and Group Legal Counsel, M&A, Nikki Ashfield on all aspects of the transaction. Nigel has previously advised GRP on other acquisitions last year. TIL was advised by Kate Doody of asb Law.
Nigel Taylor, Corporate Partner at Wedlake Bell, comments:
“Myself and the entire team at Wedlake Bell are proud to have achieved the desired result for GRP – securing the acquisition of TIL as it continues to grow. We very much look forward to continuing to work with GRP as it continues its strong growth in 2019.”