Premier Choice Healthcare (PCH), the specialist health insurance and protection broker, has been acquired by GRP, the retail broking, specialist MGA and Lloyd’s business.
The deal marks the first acquisition by GRP since global private investment firm Searchlight Capital Partners acquired a majority stake in GRP in 2002.
GRP was founded in 2013 and has grown to become the UK’s second largest independent insurance intermediary with Gross Written Premium approaching £800m and more than 1,600 employees.
The PCH deal is GRP’s first acquisition in the health insurance sector, and following the deal’s completion, PCH will become GRP’s “healthcare hub”.
PCH Manging Director Claire Ginnelly – recipient of the Health Insurance & Protection Outstanding Contribution Award – will continue to lead the business alongside Teresa Ostlewjo will be Operations Director. Richard Holden, who has a strong track record of success in the market, including at Chase Templeton, will join the business as PCH’s Commercial Director.
GRP’s Head of M&A, Stephen Ross, said the organisation pl drive further acquisitions of healthcare businesses and portfolios, expanding its overall proposition to offer both new and existing clients a suite of healthcare products alongside our existing services.
He said: “We believe that there is significant M&A opportunity in the healthcare market. We are keen to mirror the acquisition success we have had in the UK regional general insurance market. With Searchlight’s support and their significant capital backing, we intend to rapidly grow our market footprint and have already developed a strong pipeline of transactions.”
Towcester-based PCH, which was founded in 1996, controls around £60m and as 25 employees.
PCH’s Ginnely said: “After 25 years as a successful independent, we wanted to push ourselves to the next stage of growth, and are very excited to be joining GRP as the healthcare hub with a clear brief to accelerate the healthcare operation.”
We were impressed by the resources that GRP can make available to us for acquisitions, and our reach will grow exponentially by developing our links with the other hubs in GRP’s retail division. Our focus will be on growing our business organically and by acquisition. As part of GRP, we remain committed to our current distribution channels and the range of products we advise on.”
GRP Goup CEO\Mike Bruce, GRP Group CEO said: “I am delighted to welcome Claire, Teresa, Richard and all the PCH team to GRP, especially as it is our first deal in the healthcare sector. It signposts our intention to accelerate our growth trajectory following the Searchlight investment, and we look forward to rapidly develop in this sector.”
Financial details about transaction, which is subject to regulatory approval, have not been been disclosed.