{"id":17010,"date":"2024-07-23T10:58:51","date_gmt":"2024-07-23T15:58:51","guid":{"rendered":"https:\/\/www.bbinsurance.com\/?post_type=insight&p=17010"},"modified":"2024-07-23T10:58:51","modified_gmt":"2024-07-23T15:58:51","slug":"acquisitions-for-agency-owners-grp-becomes-brown-brown-europe-how-one-breakfast-meeting-turned-into-635m-of-revenue","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/acquisitions-for-agency-owners-grp-becomes-brown-brown-europe-how-one-breakfast-meeting-turned-into-635m-of-revenue\/","title":{"rendered":"Acquisitions for Agency Owners: GRP Becomes Brown & Brown Europe: How One Breakfast Meeting Turned into $635M of Revenue"},"content":{"rendered":"

For this month\u2019s edition of Acquisitions for Agency Owners, we handed the mic over to Mike Bruce, CEO, Brown & Brown Europe; Stephen Ross, Head of UK and European M&A, Brown & Brown Europe to tell us more about their experience on joining the Brown & Brown team, and how they made their decision to sell.<\/em><\/p>\n

\n

Founded in 2013 and headquartered in London, Global Risk Partners Limited (GRP) was one of the UK\u2019s largest independent insurance intermediaries, with operations across retail, broking, specialist MGA, network and Lloyd\u2019s businesses, and annualized revenues of over $300 million. Despite this wild success, in 2021, our private equity (PE) partners were looking for an exit.<\/p>\n

One breakfast with Powell Brown was all it took to set the wheels in motion. What was scheduled to take 45 minutes easily turned into hours, and it kick-started our journey into becoming Brown & Brown Europe.<\/p>\n

While the businesses differed in scale and regional focus, the decision to join Brown & Brown felt natural due to our organizations\u2019 similar cultural DNA\u2014both rooted in honesty and integrity. Compared to a PE environment of constantly chasing rapid returns, Brown & Brown emphasized sustained growth, teammate investment and skill development within \u201ca forever company\u201d framework. It was the ideal home for the business we\u2019d created and scaled.<\/p>\n

Over the last two years, we\u2019ve experienced true business transformation while maintaining our strong core values:<\/p>\n

Long-Term Growth & Investment<\/h4>\n

One of our most significant gains since joining Brown & Brown has been the ability to focus on long-term strategies that benefit our customers, team and stakeholders. This shift from shorter investment cycles has opened doors to larger business acquisitions and allowed us to expand our capabilities and enhance customer experiences. By seeking out acquisitions based on more than just financial metrics, adding not only company values but valuable skills to our ecosystem as well, we\u2019ve positioned Brown & Brown Europe for continued and sustainable growth.<\/p>\n

At the same time, the Brown & Brown name and reputation have presented new opportunities, both from larger organizations and smaller brokers that, like us, were looking for a forever company. Brown & Brown Europe now consists of approximately 130 offices across sectors, organized like Brown & Brown in North America, including retail, programs and wholesale segments.<\/p>\n

Ownership Culture<\/h4>\n

Through opportunities like shared ownership programs, more than 50% of our UK teammates have taken advantage of the opportunity to become a Brown & Brown shareholder.<\/p>\n

Yet ownership isn\u2019t just about shares; it\u2019s about a sense of belonging and empowerment. This collective ownership fuels our commitment to excellence, driving us to go above and beyond for our customers and each other. This commitment within Brown & Brown was clear from our first meetings with Powell and the leadership team, and we\u2019re proud to extend it throughout Europe.<\/p>\n

Commitment to Customers<\/h4>\n

Our expansion has broadened our reach and enriched our capabilities, amplifying the value we bring to our customers. Customers engaging with us now benefit from greater institutional knowledge and a robust network of Brown & Brown teammates who proactively share their knowledge and are always happy to provide a vendor or product reference.<\/p>\n

We are excited to tap into 85 years of Brown & Brown mechanisms and practices, such as BBU (our internal learning and development platform) and bring them to our UK teams. We also look forward to finding areas where insights from the European market can enrich our broader organizational knowledge.<\/p>\n

As we look to the future, the Brown & Brown Europe team is excited about continually growing our business and teammate talent, focusing resources on professional development and taking advantage of new growth opportunities.<\/p>\n

Brown & Brown Acquisitions<\/h4>\n

Contact our team for insights on the key trends impacting insurance acquisitions or more information on our acquisition process<\/a>.<\/p>\n

 <\/p>\n

Interested in speaking with our Acquisitions team?<\/strong>
\nEmail\u00a0acquisitionsdept@bbins.com<\/span><\/strong><\/a>\u00a0or contact us directly below.\u00a0<\/strong><\/p>\n\n\n\n
Vaughn Stoll
\n<\/strong>Senior Vice President & Director of Acquisitions
\nvstoll@bbins.com<\/strong><\/a>\u00a0 |\u00a0 (386) 239-8899<\/td>\n		Mark Prampero
\n<\/strong>Regional Director of Acquisitions
\nmprampero@bbins.com<\/strong><\/a>\u00a0 |\u00a0 (386)\u00a0 239-7292<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\"\"<\/p>\n

Acquisitions for Agency Owners<\/strong>
\nby Vaughn Stoll, SVP & Director of Acquisitions
\n<\/em><\/p>\n

Subscribe to Vaughn\u2019s Acquisition for Agency Owners and view this blog on LinkedIn\u00a0here<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are many misconceptions about mergers and acquisitions. Understanding the ins and outs of selling a business \u2014 and separating the myth from reality \u2014 can go a long way when you\u2019re considering selling your firm.<\/p>\n","protected":false},"author":44,"featured_media":17011,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[142,131,134,133],"class_list":["post-17010","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-acquisition","insight_category-merger-articles","insight_category-mergers-acquisitions","insight_category-thought-leadership"],"acf":[],"yoast_head":"\nAcquisitions for Agency Owners: GRP Becomes Brown & Brown Europe: How One Breakfast Meeting Turned into $635M of Revenue - Brown & Brown<\/title>\n<meta name=\"description\" content=\"There are many misconceptions about mergers and acquisitions. 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