Global Risk Partners (GRP) has acquired BPW Insurance Services Ltd (BPW). The deal has received regulatory approval.
Founded in 1983, BPW is a retail insurance broker based in Newport, South Wales, which specialises in commercial and property insurance. Paul Wiggins, the managing director, will continue to lead the business post deal with his fellow directors, Jason Evans, Ian O’Brien, Alison Phillips and Alisha Edwards. Along with the directors, their team of 23 colleagues will all remain with the business.
Stephen Ross, head of M&A at GRP, said BPW fulfilled a number of core M&A criteria. “It is a highly successful local business, and Paul is a well-known insurance leader in South Wales. He is focused on building out BPW’s market presence, and we are keen to support his plans.”
“The business has deep roots in its community and has an excellent reputation with its clients. Paul and his team are progressive, dynamic and entrepreneurial, and I’m really pleased they’ve chosen GRP to be the custodians for their business.”
Commenting on the deal, Paul Wiggins said: “GRP is backing us to become one of the leading players in South East Wales, and with their support, I am confident that we can rise to those expectations.”
“The value of being part of a bigger group is not just the better access to insurer partners and resultant enhanced product offerings to our clients, but also the opportunity to utilise GRP’s central resources to help us to focus on our clients and grow our business.”
“We are all very excited about the prospect of being part of the GRP/Brown & Brown team, and 2023 promises to be an exciting year for us.”
Stephen Ross added: “We have started 2023 in a very positive fashion, with the purchase of BPW following the deals for Christopher Trigg and Nucleus announced in the last week.”
“We remain keen to talk to vendors looking to create value from their life’s work, and we have a variety of M&A solutions available to meet their needs and provide them and their colleagues with a great platform for the future.”
About Global Risk Partners
GRP operates retail broking, specialist MGA, network and Lloyd’s businesses, enabling the business to serve the growing insurance and risk management needs of its clients. GRP is an operating unit of Brown & Brown, Inc.’s Retail segment.
About Brown & Brown, Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With more than 14,500 teammates in 450+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbrown.com.
This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.