Penta's GRP receives £55m

The investment came from Penta, Towergate's non-executive deputy chairman Peter Cullum and Maven Capital Partners (£5m).

The £55m is an initial investment fund and GRP will have the capacity to invest in excess of £100m.

The funding will be used to support the new business's buy-and-build strategy, which will target acquisitions in the global speciality insurance and reinsurance markets. GRP will focus on the Lloyd's of London market and will aim to purchase a mix of accredited brokers and managing general agents.

The first acquisition has already been made with the £9.25m purchase of Towergate Commercial Property Underwriting, a UK and European property risk underwriter. Following the deal, the company will trade as European Property Underwriting.

According to GRP, the acquisition of a second managing general agent is underway and expected to complete shortly.

Company
GRP was set up by David Margrett, previously president of Willis Global and chairman and CEO of Willis Limited, to consolidate London brokers and managing general agents operating in the global speciality insurance and non-treaty reinsurance markets.

The company will operate out of Penta's office in London.

People
David Margrett is CEO of GRP, while former Deloitte partner Stephen Ross joined as founder investor and chief operating officer. Peter Cullum is non-executive deputy chairman of Towergate and is a co-investor in the new venture. Charles Schrager led the deal for Penta. Andrew Ferguson is a partner at Maven.

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• Topics
• Early-stage
• UK / Ireland
• Financials
• Penta Capital Partners
• Maven Capital Partners