Travers Smith LLP has advised leading insurance brokerage firm, Brown & Brown, Inc. ("Brown & Brown"), on its entry into the agreement to acquire GRP (Jersey) Holdco Limited ("GRP") one of the largest independent insurance intermediaries in the UK.
The acquisition is expected to complete in the third quarter of 2022 and is subject to certain conditions.
GRP was founded in 2013 and with annual revenue of approximately US$340 million has grown rapidly to become one of the UK's largest independent insurance intermediaries. GRP operates retail broking, specialist MGA, network and Lloyd's businesses, enabling it to serve the growing insurance and risk management needs of its clients. GRP identifies and acquires brokers, MGAs, portfolios and teams which have a niche, non-commoditised or specialty insurance intermediary business and which demonstrate strong profitability.
Brown & Brown is quoted on the NYSE and is the fifth largest independent insurance brokerage in the USA. They provide risk management solutions via four business segments: Retail, National Programs, Wholesale Brokerage, and Services. They also offer insurance products and services to businesses, corporations, governmental institutions, professional organizations, trade associations, families, and individuals.
The Travers Smith team was led by Corporate Partner Jonathan Walters, with support from Senior Counsel AJ Venter. The team also included Tax Partner Simon Skinner and Senior Associate Silvana van der Velde.