GRP buys commercial broker Amicus

In 2021, Shawbrook Bank backed a management buy-out of Amicus by co-founder Adam Scott. In June 2022, Scott told Insurance Age that the business had reached £22m of gross written premium.

Under the latest deal, Amicus will become part of GRP’s retail division.

Managing director Scott and leaders Jamie Agutter and Andy Morrison along with the rest of the team will stay with the business, Brown & Brown-owned GRP confirmed. It added that the brand is being kept and the office location will not change.

Growth

Stephen Ross, group head of M&A for GRP, said: “Amicus has delivered exceptional growth thanks to Adam’s leadership and his highly entrepreneurial team.

“We are keen to support the team as it continues to grow its footprint in its target markets, where it has earned a great reputation for providing high quality insurance and risk management services to its growing customer base.”

Scott added: “Becoming part of Brown & Brown – the world’s sixth largest insurance brokerage – was a key consideration for us when we first sat down with Mike Bruce [GRP’s CEO] and Stephen [Ross] to discuss the future.

“GRP has an enviable track record in helping companies like ours enhance our capabilities and provide new paths for success.

“The team and I are all very excited about the next chapter in our history, as we build upon our platform with both GRP and Brown & Brown support.”

Deals

In May, Brown & Brown signed up to buy Kentro Capital, which includes Nexus Underwriting and Xenia Broking, in a deal expected to close in the fourth quarter of 2023.

GRP has also been busy striking deals in 2023, having snapped up brokers Thompson and Co, M R Lonsdale, Visibly Health, Henshalls, Edmondsons, BPW and Christopher Trigg, as well as managing general agent Nucleus Underwriting.

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