A Durham-based insurance company has been acquired by Global Risk Partners (GRP) as part of its geographic expansion plans.
The company acquired Castle Insurance Services, which will become GRP’s base in the North East from which to further develop the UK retail footprint through acquisitions and organic growth.
Castle, which operates from offices in Durham and Newton Aycliffe, was founded by joint managing directors Paul Younger with his brother Phil who joined the business shortly thereafter.
The firm underwrites a wide range of commercial insurance, as well as personal insurance.
As part of the agreement, the current team will remain with the company under new ownership and it will retain its brand and offices.
Stephen Ross, Head of Mergers and Acquisitions at GRP, said: “We have been looking for a dynamic and well-established brokerage in the North East for some time, and we are really delighted to acquire Castle, a family-owned brokerage. reputation that has grown rapidly since its inception in 1990.”
He added, “We have found with previous regional acquisitions that once we have established a footprint in a particular geography, we are able to accelerate our pipeline of deal opportunities through the local knowledge and contacts generated. by the acquired business. We are confident of achieving a similar trajectory with the Castle team.”
Paul Younger said: “This is the perfect time for us to join the GRP family of companies. We have seen how other GRP acquisitions have grown rapidly due to the extra firepower provided by the parent company and we want to achieve the same.
“There are a wealth of opportunities in the North East for entrepreneurial brokerage firms such as ours, and we look forward to playing a key role in GRP’s ambitious plans for this part of the world.”
Details of the advisers who worked on the deal were not disclosed.