Global Risk Partners has agreed terms to purchase Marsh’s UK Networks business, which includes Marsh ProBroker, Bluefin Network, Purple Partnership, Marsh Connections, Marsh Labyrinth and Broker2Broker.
David Hopwood, head of the UK Networks business, will join the GRP executive and continue to head up the business under its new ownership.
Mike Bruce, group CEO of GRP, said: “There won’t be any redundancies. Instead, we want to increase penetration of the Marsh Networks panel, build out the membership base, engage with our strategic insurer partners for the benefit of members and bring new products and services to the network – including through our MGA and healthcare businesses.”
Bruce said he was also keen to offer exit options to network members wishing to sell up.
He added: “GRP has a highly experienced acquisitions team and we are keen to provide that service to brokers looking to create value from their life’s work. With some brokers looking for an exit in light of potential tax changes, the impact of Brexit and further compliance challenges, we are here to help.”
David Hopwood, head of Marsh’s UK Networks business, said: “We are very excited to be taking our members on this next step, where we believe we can capitalise on our firm foundations to generate accelerated growth and success for our 256 members and around 400 trading partners.”
The deal aims to complete in Q2 2021 for an undisclosed amount.
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