Group chief executive says the purchase is ‘an important strategic investment’
Broker Global Risk Partners (GRP) has bought a majority stake in online commercial brokerage Insync Insurance Solutions, accelerating its focus on omni-channel distribution.
Established by managing director Jon Norman and entrepreneur Nigel Walters in 2014, Insync provides insurance for specialist businesses, such as those within the beauty and medical sectors. It also offers cover for a wide range of commercial risks.
The Poole-based business has 70 staff – all employees and leadership will remain with the company on completion of the deal.
For GRP group chief executive Mike Bruce, the acquisition is “an important strategic investment due to Insync’s digital business model and its track record of delivering fast organic growth”.
He continued: “Building omni-channel distribution capability is core to our future growth.
“On the operational side, GRP invested heavily in its data warehouse to apply data analytics and data enrichment to our product and service offering, but our investment in Insync is a further statement of intent to build out our capability in digital distribution and participate fully in the digital revolution in commercial broking.
“Jon and his team will give us great insights into growing a successful digital broker, which will be of huge benefit to our other retail broking businesses as they further build out their own digital and affinity propositions.
“Insync’s growth record since its inception in 2014 has been phenomenal and we are delighted to invest in such a high quality and well-regarded business.”
The transaction has received regulatory approval and the consideration is undisclosed.
‘Must grip digitalisation’
Norman added that it is vital that brokers “grip digitalisation” if they are to “survive and prosper in the next decade”.
He explained: “The broking industry must grip digitisation if it is to survive and prosper in the next decade.
“Digital technology has already disrupted other professional services sectors, especially accountancy and increasingly in law and financial planning.
“Demand for digital interaction has grown rapidly and clients are increasingly comfortable purchasing their commercial insurance requirements online; the pandemic has accelerated this trend.
“GRP’s significant investment will enable us to continue our rapid growth trajectory, both organic and inorganic, and being part of the GRP family will enhance the range of products and services we can offer our clients.”
Expanding business boundaries
Bruce added that the acquisition of Insync provides the final tick on his target checklist for 2020.
“At the start of financial year 2020-21, I set the objective to continue to materially grow our retail footprint in the UK and we have achieved this through the acquisition of a series of high-quality regional retail broking businesses,” he said.
“In addition, we had three specific M&A objectives for the year: the acquisition of an Irish hub business, to enter the healthcare market and to invest in a high growth digital business.