Brown & Brown agrees to buy London brokerage

Brown & Brown Inc. said Monday it has entered into an agreement to acquire London-based brokerage Global Risk Partners Ltd.

Terms of the transaction, which is expected to close in the third quarter of 2022, were not disclosed.

The deal will add $340 million in annual revenue and more than 2,100 employees in 112 offices across the United Kingdom and Ireland, Brown & Brown said.

GRP’s operations comprise retail broking, specialist managing general agency, network and Lloyd’s businesses.

The brokerage will operate within Brown & Brown’s retail segment and will continue to be led by Global CEO Mike Bruce. Mr. Bruce will report to Barrett Brown, president of the retail segment and executive vice president of Brown & Brown once the deal is complete.

GRP was established in 2013 by industry veterans Peter Cullum, David Margrett and Stephen Ross.

This is Daytona Beach, Florida-based Brown & Brown’s second international acquisition this year. In February, it entered into an agreement to acquire the general insurance operating companies of BDB Ltd.

In 2020, it announced it was acquiring the general insurance operating companies of Cork, Ireland-based O’Leary Insurances Ltd.

The addition of GRP expands Brown & Brown’s international footprint, broadening its global capabilities, President and CEO J. Powell Brown said in a statement.

Brown & Brown is the sixth-largest brokerage in the world, with 2020 brokerage revenue of $2.61 billion, according to Business Insurance’s most recent ranking.

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