Global Risk Partners Group (GRP) has purchased U-Sure Insurance Services, a Cwmbran-based property insurer.
U-Sure, a Lloyds coverholder established in 2005, currently has relationships with over 900 brokers. The business will now become part of GRP’s underwriting division.
The transaction marks GRP’s tenth deal of this year and the 34th since its inception in 2013.
The takeover is the first deal for the underwriting unit under the leadership of GRP underwriting CEO Clive Nathan, who joined earlier this year from Primary Group.
“I warmly welcome Ben and Dee to GRP, where we have ambitious plans to grow the Underwriting business, and I look forward to helping them strengthen their relationships with brokers and further enhance the products and services in their portfolio,” Nathan said.
The deal, whose financial terms were not revealed, has already secured regulatory nod.
“We were impressed by the GRP team and what they have to offer a growth-oriented business such as U-Sure. We are keen to expand in our specialist area of property insurance, and I’m confident Clive and the GRP team will help us go from strength to strength,” Ben Coleman noted.