Global Risk Partners’ [GRP] Birmingham brokerage, Newstead Insurance Brokers(Newstead) has announced its first acquisition, making good on its promise to accelerate inorganic growth, after becoming part of GRP in November 2020.
Newstead director Paul O’Donnell confirmed that they are acquiring 100% of the share capital ofAlford Burtonand Company Ltd (Alford Burton).
Paul said: “Alford Burton is a high-quality local insurance broker who will add considerable scale to our operation and help us to rapidly build out our presence in Birmingham and the West Midlands.”
“They and their clients will benefit from the extra firepower from being part of a bigger group, especially in the current uncertain economic environment and the hardening commercial market.”
Paul confirmed that all employees will remain with the businesses and that Alford Burton will remain in its current location in Moseley.
Alford Burton was founded in 1987 and its core business is commercial insurance for SMEs, ranging from manufacturers to professionals and contractors to charities. The two directors and vendors are Daniel Alford and Samantha Ryder.