GRP acquisition signals North East intentions

Global Risk Partners has acquired Durham-based Castle Insurance Services and announced its intention to expand its footprint in the North East. Castle Insurance Services has a second office in Newton Aycliffe and writes a majority of commercial business as well as some personal lines business.

Stephen Ross, head of M&A at GRP, said: “We have been searching for a well-established, dynamic brokerage in the North East for some time, and we are really pleased to acquire Castle, a well-regarded, family-owned brokerage which has grown fast since it was established in 1990.”

He added: “We found with previous regional acquisitions that, once we have established a footprint in a particular geography, we are able to accelerate our pipeline of deal opportunities thanks to the local knowledge and contacts generated by the acquired business. We are confident of achieving a similar trajectory with the Castle team.”

Paul Younger, co-managing director of Castle Insurance Services, added: “This is a perfect moment for us to join the GRP family of businesses. We have seen how other GRP acquisitions have grown rapidly as a result of the added firepower provided by the parent and we want to achieve the same.

“There is a wealth of opportunity in the North East for entrepreneurial brokerages such as ours, and we look forward to being a key part of GRP’s ambitious plans for this part of the world.”

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