Global Risk Partners (GRP) has bought Marshall Wooldridge, a UK commercial insurance broker controlling over £20m of gross written premium.
Marshall Wooldridge has been going for over 40 years and employs 50 staff based in its offices in Leeds and Rotherham.
GRP stated that it was aiming to double the size of Marshall Wooldridge in the next three years, both organically and by local acquisitions.
The managing director of Marshall Wooldridge, James Hall, will continue to lead the business and is a co-investor.
Mike Bruce, CEO broking for GRP said: “I am delighted we have completed the acquisition of Marshall Wooldridge – it is a highly regarded broker with a strong reputation in both the local market and within its specialist areas.
“This is a key acquisition for GRP’s broking business as we continue to focus on our strategy of developing a national footprint of quality commercial brokers.
He added: “In addition to working with James and his excellent management team to accelerate their own growth plans, Marshall Wooldridge will provide a regional base to accommodate further acquisitions we have already identified, and the recruitment of high quality teams and individuals in Yorkshire and the surrounding counties.”
Hall confirmed that the business will continue to trade under the Marshall Wooldridge name.
“We are delighted to have joined GRP’s high growth broking operation which will enable the business to benefit from greater distribution for our specialist products and access to markets,” Hall commented.