GRP acquires commercial broker Newstead

Global Risk Partners Ltd has acquired Birmingham-based Newstead Insurance Brokers, which focuses on writing corporate, SME and private client insurance.

Newstead will retain its name. Managing director Paul O’Donnell, director Julian Simon and Sarah Giles and the rest of the team will all remain in place.

Stephen Ross, head of M&A for GRP, said: “Newstead is a flag in the ground in Birmingham from which we are keen to build. Paul, Sarah and Julian have a strong entrepreneurial heritage and are hungry to grow organically and by acquisition.”

O’Donnell added: “GRP is a fantastic business for us to be part of and the opportunity to draw from their financial muscle, technology and range of services is great news for us and good for our clients too.

“In the current hardening market and with the wider uncertainty from the pandemic, there is value to be had from being part of a bigger organisation with the great reputation for looking after its brokers that GRP enjoys.”

Newstead was founded 33 years ago. GRP was established in 2013 and now has a gross written premium of more than £800m and almost 2,000 employees.

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