Birmingham finance firm Newstead Insurance Brokers has been bought out by London-based Global Risk Partners.
Newstead, which is headquartered in Edgbaston, was founded 33 years ago and specialises in commercial lines brokerage, writing insurance for corporate, SME and private clients.
Global Risk Partners, which operates from the City of London, was founded in 2013 and is one of the UK’s largest independent insurance intermediaries, with gross written premiums in excess of £800 million and almost 2,000 employees.
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Newstead’s senior team of managing director Paul O’Donnell and directors Julian Simon and Sarah Giles, along with all of its staff, will remain with the business post-completion of the undisclosed deal.
It will also retain its existing brand name.
Mr O’Donnell said: “Global Risk Partners is a fantastic business for us to be part of and the opportunity to draw from their financial muscle, technology and range of services is great news for us and good for our clients too.
“In the current hardening market and with the wider uncertainty from the pandemic, there is value to be had from being part of a bigger organisation.”
Stephen Ross, Global Risk Partners’ head of mergers and acquisitions, added: “Newstead is a flag in the ground in Birmingham from which we are keen to build.
“Paul, Sarah and Julian have a strong entrepreneurial heritage and are hungry to grow organically and by acquisition.”
Chief executive Mike Bruce said: “I warmly welcome Newstead and look forward to them making a significant impact to our footprint in Birmingham.”