Insurance company acquired by GRP | North East Deals News – Insider Media

May 12, 2022 By admin

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Yorkshire is home to some very creative and…
A Durham-based insurance company has been acquired by Global Risk Partners (GRP) as part of its plans to expand its geographical reach.
The company has acquired Castle Insurance Services, which will become GRP's base in the North East from which to grow the UK retail business footprint further through acquisition 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 soon afterwards.
The firm writes a wide range of commercial insurances, as well as personal lines business.
As part of the deal, the current team with remain with the business under new ownership and it will retain its brand and offices.
GRP head of M&A Stephen Ross said: “We have been searching for a well-established, dynamic brokerage in the North East for some time, and we are really pleased to acquire Castle, a well-regarded, family-owned brokerage which has grown fast since it was established in 1990.”
He added: “We 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 thanks to 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 a perfect moment for us to join the GRP family of businesses. We have seen how other GRP acquisitions have grown rapidly as a result of the added firepower provided by the parent and we want to achieve the same.
“There is a wealth of opportunity in the North East for entrepreneurial brokerages such as ours, and we look forward to being a key part of GRP's ambitious plans for this part of the world.”
Details of the advisers who worked on the deal were not disclosed.
Castle Insurance Services / Global Risk Partners /
Alice Bird, Digital Staff Writer
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Tom Allport, Business Development Manager
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