Global Risk Partners has agreed a deal to acquire a majority stake in Hamilton Fraser for an undisclosed sum, subject to regulatory approval by the Financial Conduct Authority.

The Hertfordshire-based firm, founded in 1996 by Simon Fox, Eddie Hooker and David Jacobs, provides specialist insurance and risk management for the private rented property sector and the cosmetic and aesthetic practitioners industry.

Hamilton Fraser operates a number of services, including three of the rental sector’s government-approved schemes, mydeposits, the Property Redress Scheme and Client Money Protect.

The company also owns property evictions service provider Landlord Action, founded by Paul Shamplina, as well as the insurance-based deposit alternative platform Ome, co-founded by Matt Hooker and Nick Hamatsos.

All of the group’s 200-plus staff members will continue to be employees of Hamilton Fraser.

Eddie Hooker told the press: “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 industry.”

Stephen Ross, GRP’s head of M&A, added: “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.”