IMAS acted as the exclusive financial adviser to First Insurance Solutions Ltd (“First Insurance”) on the sale of the business to Global Risk Partners (“GRP”).
First Insurance is a chartered insurance broker based in Maidstone and providing bespoke insurance solutions in the contracting sectors such as drainage, cleaning, electrical, air-conditioning and security.
GRP is one of the largest insurance intermediaries in the UK. The business was established in 2013 and has grown both organically and by acquiring brokers, MGAs, portfolios and teams. The group looks after almost half a million personal and commercial clients and has made more than 100 acquisitions.
In July 2022 GRP was acquired by Brown & Brown, Inc, the fifth largest insurance brokerage in the US with more than 450 locations. GRP’s acquisition of First Insurance was its first acquisition after becoming part of Brown & Brown, with the group’s change in ownership being announced towards the very end of the negotiations to acquire First Insurance.
First Insurance will continue to trade under its well-regarded brand and operate from its offices in Maidstone. Key management including Martin Bell (Chairman and founder), Matthew Sendall-King (Managing Director) and Andrew Chibeba (Director) will remain with the business following the deal with GRP.
IMAS was retained by First Insurance to advise them on the transaction and assisted throughout the due diligence and contract negotiation process.