8 June 2016
International law firm Watson Farley & Williams (“WFW”) advised independent insurance intermediary Global Risk Partners Limited (”GRP”) on its investment in specialist retail broker Cavendish Munro Professional Risks Limited (“Cavendish Munro”).
London-based Cavendish Munro is a Professional Indemnity (PI) specialist focused primarily on the professional services and engineering sectors. Managing Director Paul Byrne will continue to lead the firm following the transaction and is a co-investor in the business going forward.
Backed by private equity firm Penta Capital LLP, GRP is an investment vehicle aimed at brokers and managing general agents (MGAs) trading in the UK retail and global, specialty insurance markets. Following this transaction and a wave of other acquisitions since its inception in late 2013, GRP is now one of the largest independent intermediary groups, managing gross written premium of £370m+.
GRP Chairman and co-founder Peter Cullum CBE said: “This represents an important strategic acquisition following hard on the heels of Lonmar, McGrady and Synergy, making a total of four deals completed already this year. This coupled with a strong pipeline augurs well for a hugely successful 2016”.
The WFW corporate team advising GRP and working with their General Counsel Andrew Hunter, was led by London partner Nigel Taylor, assisted by senior associate Georgina Don and associate Richard Pyke.
Nigel commented: “It has was a pleasure to work with Andrew and GRP on yet another significant acquisition, following on from those of Ropner last year and Lonmar this April on which I also had the privilege of advising them. With such a dynamic client I look forward to working with them going forward as they continue their strategic international expansion”.