The Clear Group, the London-based independent broker, announced the acquisition of One Commercial Specialty Ltd., a speciality lines managing general agent. This represents the Clear Group’s second MGA deal and is a continuation of its strategy to build a market-leading MGA capability.
Financial details of the deal were not disclosed. One Commercial Specialty’s MGA expertise will sit alongside Clear’s retail broking business.
Harrogate, England-based One Commercial Speciality offers professional indemnity and directors and officers liability insurance products across a wide range of professions and industry sectors. The company’s directors Dan Mitchell and James Russell will continue to lead the business and play a key role in developing Clear’s MGA proposition to brokers.
On July 4, the Clear Group announced the acquisition of a 50% shareholding in Thomond Underwriting Ltd., an MGA and Lloyd’s coverholder, which has been operating in Ireland and Northern Ireland since 2007. Thomond deals exclusively through brokers and offers a wide range of commercial insurance solutions including commercial liability, commercial material damage and business interruption, commercial property owners, contractors all risks, personal accident & illness, professional indemnity and cyber.
Commenting on the One Commercial Speciality acquisition, Mike Edgeley, group CEO of the Clear Group said: “We are delighted to welcome One Commercial Speciality which will play an integral part in building our MGA proposition and help deliver better customer outcomes across a number of specialist lines of business. Dan and James have built a great business and we look forward to pulling together our different strengths and investing in their ambitious plans to provide a broader and enhanced proposition to brokers.”
Dan Mitchell and James Russell of One Commercial Speciality jointly said: “The investment which the Clear Group has made in our business will make a significant difference to our brokers and their clients. Clear is a great cultural fit and provides a stronger base for our business, and we look forward to working with the Clear management team to deliver an even more compelling proposition to our broker partners.”
At the time of the announcement of the deal to purchase a stake in Thomond Underwriting, Edgeley said: “Developing an MGA capability is a central plank of our growth strategy, joining forces with John and his team of highly skilled underwriters now provides us the strong foundations to broaden our capability and international reach to brokers in both the Irish and UK Markets.”
Source: The Clear Group
Topics Mergers & Acquisitions Commercial Lines Excess Surplus Insurance Wholesale
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