GRP boosts MGA portfolio with ‘niche’ business buy

Global Risk Partners has acquired the entire issued share capital of Nucleus Underwriting.

Aylesbury-based Nucleus is a specialist MGA that began trading in 2014. It provides insurance to the life sciences, research and development (R&D) and specialist manufacturing sectors.

The firm will become a trading style under the Camberford Underwriting brand as part of the move, which is one of GRP’s underwriting businesses and was acquired by the group as Camberford Law before its rebrand in February 2018.

Managing director James McHugh and all colleagues will remain with the business.

Clive Nathan, chief executive of GRP’s MGA division, said: “Nucleus is exactly the type of business we look for. It has a true niche focus with great underwriting experience and a leader who will fit well in our culture.

“We are confident that, as part of Camberford, Nucleus will go from strength to strength. We are thrilled to be working with James to support this key sector of the economy, where growth is a priority for the UK.

“It’s great to have such an exciting business joining Camberford as we continue to consider additional opportunities in the MGA space.”

SME focus

McHugh, meanwhile, said: “Clive painted a compelling picture of the opportunity for Nucleus within the GRP family.

“We are all very excited to be joining Camberford and – with their help – are confident of building out a leading position in the SME space for lifesciences, R&D and specialist manufacturing industries.”

Nucleus’ managing director added that these industries are of particular interest to the firm, as they are “earmarked for substantial growth” and deliver “prosperity for the wider UK economy”.