myDeposits parent company acquired by big insurance group

Hamilton Fraser, well known as a provider of insurance products and services to letting agents and landlords, has been acquired by the UK’s largest independent insurance intermediary group Global Risk Partners.

The deal, for an undisclosed sum, is subject to regulatory approval by the Competitions and Market Authority.

Hamilton Fraser operates myDeposits, Client Money Protect and the Property Redress Scheme redress service.

These brands and services will continue, and HF staff will move over to the books of GRP.

A statement from Hamilton Fraser says GRP is one of the largest independent insurance intermediaries in the UK and itself was acquired via a majority shareholding by global private investment firm Searchlight Capital Partners in 2020.

“Hamilton Fraser is joining forces with a like-minded business in GRP, which like us has seen the future of insurance and realised it will become increasingly digital which is particularly true within the property sector” says chief executive Eddie Hooker.

“I’m confident they are the best custodians for our business, our people and our loyal clients as we embark on the next exciting stage of our development.”

Stephen Ross, GRP’s head of merger and acquisitions, comments: “Hamilton Fraser is a high-class brokerage with a strong commitment to digital innovation and customer-centricity, built on a deep understanding of the specialist markets in which they operate.”