DAVID MARGRETT LAUNCHES NEW LONDON MARKET CONSOLIDATOR
David Margrett has today launched a new London Market consolidator , aimed at brokers and managing general agents trading in the global, specialty insurance and non-treaty reinsurance markets.
Global Risk Partners Limited (GRP) has been established by Margrett, who was previously President of Willis Global and Chairman and CEO of Willis Limited. Margrett , Chief Executive, is joined by Stephen Ross, formerly a Partner with Deloitte, who is a founder investor and becomes Chief Operating Officer. GRP is backed by private equity firm, Penta Capital LLP and Peter Cullum, non executive deputy chairman of Towergate, is a co-investor. The initial investment fund is £55m with the capacity to invest in excess of £100m.
GRP will focus on acquisition of brokers, MGAs, portfolios and teams which have niche, non-commoditised, specialty business and strong profitability.
GRP has already bought Towergate Underwriting Commercial Property, which will trade under the new name of European Property Underwriting ( EPU). EPU controls significant premium and manages the insurance portfolios of some of Europe's largest property owners. The team has unrivalled knowledge of this sector and a well-earned reputation of being one of the best in the market.
The acquisition of a second specialist MGA is expected to be completed very shortly.
David Margrett said:
“There is a significant opportunity in the specialty insurance market for brokers, MGAs and teams who want to benefit from equity share ownership. Our proposition is attractive for owner-driver management teams and for businesses where existing shareholders wish to exit, either partially or fully, providing the opportunity for the ongoing management teams to develop their business further. We have a very strong acquisition pipeline and are delighted to have Penta Capital LLP as our partner, who have an enviable track record.“
Charles Schrager from Penta Capital LLP said:
"Global Risk Partners is an ideal investment for Penta, who have longstanding expertise in the insurance market and this type of buy-and-build investment, where we are able to start from a blank piece of paper and create a business of scale and focus. GRP’s unique investment approach allows existing shareholders to retain a share of equity in their business and continue their focus on business growth or to exit the business completely. We look forward to working with the team to build a leading player in this attractive segment of the insurance market”
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For all media enquiries please contact:
David Margrett ( Mobile – 07810 322 244 / Email - David.Margrett@grpgroup.co.uk)
Stephen Ross ( Mobile – 07810 655 898 / Email Stephen.Ross@grpgroup.co.uk)
For further information visit www.grpgroup.co.uk
Note to Editors on Penta
Penta Capital was established in 1999 and is owned and managed by its partners who make all investment decisions. Five of its six partners have been together for more than 11 years and, together, they have accumulated over 90 years experience of investing in the UK mid-market.
Focussing on the UK mid-market, Penta’s ambition continues to be to provide superior returns to investors through the creation and realisation of a diversified portfolio of high quality private equity investments.
Penta’s independence allows it to operate without the strictures that have evolved within the sector and they pride themselves on delivering creative and innovative solutions within the constantly changing private equity landscape.