MGAs rising up GRP’s buying plans
The takeover of Global Risk Partners by Brown & Brown has enhanced GRP’s ability to buy managing general agents as well as strengthening the pipeline for deals with brokers that did not want to be under private equity ownership, according to CEO Mike Bruce.
“We now have more activity with MGAs than we had previously just because the horizon for returns is longer,” Bruce told Insurance Age explaining that when GRP was owned by PE returns generally had to be achieved in three to five years.
The consolidator currently has Plum Underwriting, having first bought a majority stake in 2014, and Camberford Law which it snapped up in 2018 rebranding it to Camberford Underwriting the same year.
“We have looked at many other MGA opportunities and it didn’t
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