London-based GRP insurance group has acquired a majority stake in Dublin-headquartered broker Crotty Insurance for an undisclosed sum as it seeks to build its business in the Republic through further acquisitions.
Crotty, founded by Finbarr Crotty in 1994, is one of the leading independent commercial insurance brokers in Dublin. Specialising in Renewable Energy, Construction and Professional Services industries among others, Crotty offers tailor-made insurance solutions and services.
Founded in 2013, GRP has written gross premiums in excess of £800m and employs more than 1,600 staff. In June 2020, private equity firm Searchlight Capital Partners acquired a majority stake in GRP.
Crotty owners; Finbarr Crotty, Eoin Greene and Graham Devine, will remain as shareholders of the group. Finbarr Crotty will become Executive Chairman, Eoin Greene will take up the CEO role and Graham Devine will remain as a director.
GRP’s move into the Republic will sees further consolidation in the market and may be positive news for smaller brokers seeking to sell their business.
Crowe was delighted to have supported Crotty Insurance Brokers in respect of the financial and taxation aspects of the transaction for both the company and the shareholders. The Crowe team worked closely with Key Capital on the transaction.
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