US broker Brown & Brown has agreed to acquire Global Risk Partners from Searchlight Capital Partners. The deal is expected to complete in Q3 and is subject to regulatory approval.

GRP controls or influences gross written premium of £1.8bn and its stable includes Marsh Networks and WTW Northern Ireland. It has more than 2,100 employees.

J Powell Brown, president and CEO of Brown & Brown, said: “GRP is a great fit for our business. First and foremost, it has a highly experienced leadership team that shares Brown & Brown’s values of honesty, integrity, innovation, solutions mindset and discipline.

“GRP’s hub and spoke model has created a highly successful growth engine in less than a decade.”

Mike Bruce, CEO of GRP, said: “Brown & Brown’s ownership will bring a long-term perspective which opens up new opportunities for growth and provides the ideal springboard for continued strategic investment in GRP’s people and digital infrastructure.”

Andrew Frey, partner at Searchlight, added: “We are confident that Brown & Brown will be excellent custodians for the business as it embarks on the next stage of its journey.”

Bruce who will continue as GRP group CEO. He said the deal would have no immediate impact on jobs, management structure or group brands.

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