International law firm Pinsent Masons has advised Global Risk Partners on its maiden acquisition and investment by private equity house, Penta Capital.

GRP has been set up by David Margrett, former Willis CEO, and Towergate founder Peter Cullum as a broker consolidation vehicle in the London market.

It has acquired Towergate Underwriting's Commercial property business for GBP 9.25 millilon. Together with Penta's investments, GRP has an investment, GRP has an investment fund of GBP 55 millions for future deals.

The Pinsent Masons team was led by corporate partner Sean Page, assisted by Kevin O'Connor and Danielle Murphy.

Page commented ''We are delighted to have advised the team at GRP on these deals which continue our strong track record of advising entrepreneurs and  institutions in the insurance sectors. Activity levels in the insurance sector, in particular M&A, appear to be on an up-turn and we continue to talk to clients about strategic opportunities in the London market''.

Page recently also led on the disposal of Direct Line's life insurance business to Chesnara and AXA's disposal of Bluefin Personal Consulting to Towry.