British independent insurance intermediary Global Risk Partners (GRP) has purchased a majority interest in Poole, Dorset-based online commercial insurance broker Insync Insurance Solutions.
Financial terms of the deal or the precise stake size were not revealed.
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GRP group CEO Mike Bruce called the deal “an important strategic investment” owing to Insync’s digital business model and its ability of fast organic growth.
He said that Insync’s growth record has been “phenomenal” since its establishment by managing director Jon Norman and local entrepreneur Nigel Walters in 2014.
He stated: “Building omni-channel distribution capability is core to our future growth.
“On the operational side, GRP invested heavily in its data warehouse to apply data analytics and data enrichment to our product and service offering, but our investment in Insync is a further statement of intent to build out our capability in digital distribution and participate fully in the digital revolution in commercial broking.
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By GlobalDataNorman and all 70 employees of Insync will remain with the company.
According to Norman, the deal will support Insync’s organic and inorganic growth and enhance its offering.
Norman noted: “The broking industry must grip digitisation if it is to survive and prosper in the next decade. Digital technology has already disrupted other professional services sectors, especially accountancy and increasingly in law and financial planning.
“Demand for digital interaction has grown rapidly and clients are increasingly comfortable purchasing their commercial insurance requirements online; the pandemic has accelerated this trend.”
Earlier this year, Searchlight Capital Partners acquired a majority stake in the GRP.
