asb law acts on the sale of Camberford Law PLC to Global Risk Partners Group (GRP)
The corporate finance team of asb law LLP has acted on the sale of Camberford Law PLC, a specialist insurance underwriting agency, to Global Risk Partners Group (GRP).
The terms of the sale, which has received regulatory approval, are undisclosed. Camberford Law was founded in 1958 and its business comprises a range of trade specific insurance schemes with particular specialist expertise in contractors, the leisure industry and property. The business which wrote £38m in gross written premiums last year, was appointed an accredited Lloyds broker in 2006 and has offices in the City of London.
Camberford Law’s Managing Director David Ottewill will be leaving the business and Simon Carter will assume his role. Paul Cooper (Director) will remain for a short period to assist in the transition to GRP. The ongoing management team will have an equity stake in the business. Simon Carter, said: “the GRP team painted a compelling picture of the opportunity to accelerate our growth. We look forward to working with our fellow businesses within the GRP family and our supporting network of brokers to improve and broaden our product reach throughout the UK.” David Ottewill, commented: “We were all extremely pleased with the asb law team, who assisted us whatever time of day, and would like to thank them for all their hard work throughout the deal.”
Camberford Law and its shareholders have been clients of asb law for many years. The transaction was complex as it required regulatory approval, involved a partial management roll over and management buy in and completion accounts. Helen Mead, Partner – Head of Corporate Finance at asb law, explained: “this was a significant transaction for us, not only in transaction size and complexity but also because we have known the shareholders for a long time. We wish everyone involved continued success and look forward to seeing the next phase of Camberford Law unfold.”
Published: 13 Feb 2018