M&A

The forthcoming sale of GRP highlights key questions about this stage of the UK broking consolidation play.

A conclusion to the Evercore-run restricted sale process is expected this quarter.

Searchlight-backed broker-consolidator Global Risk Partners (GRP) is acquiring a majority stake in digital intermediary Hamilton Fraser, as the business races ahead with plans to build up “a digital powerhouse”.

The latest attempt to sell Tysers comes with an injection of competitive tension and an improved set of numbers for the 200-year-old broker.

The business made a steep underwriting loss in 2020.

HDI Global Specialty, Verto Syndicate 2689 and IQUW Syndicate 1856 are among the new trade capital partners.

Due diligence is being conducted ahead of a likely sale that would burnish Hannover Re’s credentials as a pure-play reinsurer.

PE owner Odyssey ran a full auction last year but was unable to find a buyer for the business.

The US practice will be led by Themis partner Naomi Collins, who has previously worked for CFC Underwriting and Allied World.

Around 100 Ageas UK staff will transfer to Axa Commercial.

The Singapore business is a composite insurer offering life, health and P&C.

The acquisition of an admitted company goes along with the surplus lines company Vantage purchased to jumpstart its US insurance business in July.