27 April 2016
International law firm Watson Farley & Williams (“WFW”) advised Global Risk Partners Limited (”GRP”), the independent insurance intermediary, on its backing of the management buyout (“MBO”) of specialist Lloyd’s broker Lonmar Global Risks. Following the MBO, Lonmar’s management team headed up by chief executive David Pexton will continue in their current leadership roles.
According to GRP executive Chief Executive David Margrett, Lonmar’s strength, reputation and brand in the speciality and agency marketplace has strong synergies with other GRP portfolio companies, most notably Ropner, which it acquired in 2015 and whose core markets are in the maritime, cargo and reinsurance sectors.
Following these and a string of other acquisitions since its inception in late 2013, GRP is now one of the largest independent intermediary groups, managing gross written premium of £350m+ and with the stated intention of growing to £500m by the end of 2016.
The WFW corporate team advising GRP and working with Andrew Hunter, General Counsel at GRP, was led by London partner Nigel Taylor, assisted by senior associate Richard O’Brien and associate Richard Pyke. Partner Tom Jarvis and associate Rob Firth advised on the tax aspects of the transaction, and senior associate Rhodri Thomas on employment matters.
Nigel commented: “I’m delighted to have been able to assist GRP on such an important matter, especially one which complements so well their acquisition of Ropner last year on which I also had the privilege of advising them”.
Andrew Hunter commented: “Nigel and his team were instrumental in assisting GRP in the execution of this transaction and we are grateful to them for the commercial and timely advice they were able to provide across a range of subject matters”.