Global Risk Partners [GRP] has completed its majority share purchase of leading Irish commercial broker, Crotty Insurance Brokers Ltd (“Crotty”).
Crotty Insurance, which was founded by Finbarr Crotty in 1994, provides tailor-made insurance solutions across a broad range of sectors.
The deal – GRP’s first in the Republic of Ireland – will see Crotty’s Dublin offices becoming GRP’s ROI hub and signals its intention to seek further acquisitions in the country.
Stephen Ross, Head of Mergers and Acquisitions for GRP, said: “We’re delighted to be bringing such a well-respected and successful business on board and to be entering the Republic of Ireland’s thriving insurance sector.
“Finbarr, Eoin, Graham and their team have rightly earned a strong reputation for their depth of expertise and the great service they provide to their clients.”
Stephen confirmed that Finbarr, Eoin Greene and Graham Devine will all continue as executives, directors and shareholders in the business, supported by their current members of staff. As part of the next stage of the company’s development, Finbarr will move to Executive Chairman while Eoin will become Chief Executive.
Finbarr Crotty said: “This is a fantastic development for us and our customers. We have worked very hard to build a successful business and earn our reputation in the market and we’re delighted that GRP has recognised the value of what we’ve achieved. We have been very impressed by GRP as an organisation and are really excited about the value our new partner will bring to our clients and employees ”
Mike Bruce, Group CEO at GRP, said: “We’ve always seen Ireland as a great opportunity to grow the business beyond the UK, so we’re very pleased with this deal and look forward to further growth in the ROI market.”
GRP was founded in 2013 and has grown rapidly to become one of the UK’s leading independent insurance intermediaries with Gross Written Premium in excess of £800m and more than 1,600 employees.
GRP operates retail broking, specialist MGA and Lloyd’s businesses, enabling the Group to serve the growing insurance and risk management needs of its clients. The group acquires businesses, teams and portfolios that have niche, non-commoditised, specialty propositions and strong profitability.
In June 2020, Searchlight Capital Partners, a global private investment firm, acquired a majority stake in GRP.
Crotty is one of the leading independent commercial insurance brokers in Dublin with over 25 years of trading. Crotty offers tailor-made insurance solutions and services to a diverse corporate client base and has established specialisms in Renewable Energy, Construction and Professional Services industries among others.
Crotty was advised by Key Capital who acted as lead corporate finance advisor, Crowe who provided financial and tax advice and Wallace Corporate Counsel who provided legal advice. Matheson provided legal advice and KMPG provided financial and tax advice to GRP
For more information please contact Louise Zucchi, Certus Ltd: 07399 477535