Global Risk Partners Limited
Penta Capital have backed David Margrett, Stephen Ross and Peter Cullum, to carry out an up to £88m buy-and-build in the Lloyds speciality insurance market. It is a combination of buying Lloyds brokers and managing general agents in a series of speciality niches within the Lloyds market. The initial commercial property MGA is shortly to be followed with another speciality MGA and several brokers.
The Penta team originally backed Peter Cullum in the early days of his build up of Towergate, now the leading retail insurance broking group in the UK. The investment thesis is to back a number of complementary businesses, using an ‘owner/manager’ model, and drive above market margins through synergies. The Lloyds market provides a very supportive backdrop, as it has experienced growth rates significantly in excess of those in global non-life insurance.
Steven Scott and Charles Schrager
Global Risk Partners Limited,
90 Long Acre
London WC2E 9RA