Incoming managing director describes the business as a ‘high growth, acquisitive and dynamic broker with ambitious future plans’
Following a slew of acquisitions since November 2020, Newstead Insurance Brokers – the Birmingham hub for intermediary consolidator Global Risk Partners (GRP) – has appointed Sarah Giles as its new managing director.
Giles succeeds former managing director Paul O’Donnell, who will now move into a director role.
Alongside Giles’ appointment, Julian Simon has been confirmed as Newstead’s new commercial director – he will have responsibility for some of the broker’s largest clients.
Speaking on her appointment, Giles said: “This is a really exciting time for Newstead.
“We are bringing together some great local businesses to create a fantastic new team and there is a massive opportunity for us to build on our growth trajectory to become one of the dominant brokers in the Birmingham and west midlands market.”
Right time to restructure
The senior leadership reshuffle follows recent growth at Newstead Insurance Brokers – it now has gross written premium of £18m.
After being bought by GRP in November 2020, for example, the broker purchased commercial broker Alford Burton in March 2021, as well as received management responsibility of Arthur Marsh via a transfer from previous owner, The County Group.
It also agreed to buy Crendon Insurance Brokers in July 2022.
These deals aim to help the broker build its footprint in the midlands.
Read: Independent US broker buys ‘winner’ GRP
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Neil Thornton, managing director of retail for the north and Ireland at GRP, said: “Newstead has been a highly successful hub broker for us, delivering both impressive sales numbers and strong retention, while at the same time successfully integrating its acquisitions.
“The scale and trajectory of the business means the time is right to restructure the leadership team to create the best platform for future growth.”
Giles added: “We remain hungry for acquisitions where they make strategic sense for the business and we are also keen to talk to talented individuals who want to pursue their careers at a high growth, acquisitive and dynamic broker with ambitious future plans.”
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