The Clear Group, the London-based independent broker, announced the acquisition of a specialist commercial lines managing general agent, Profile Risk Solutions Ltd.
This represents the Clear Group’s third MGA deal and is a continuation of its strategy to build a market-leading MGA capability. Financial details of the deal were not disclosed.
Based in Essex, Manchester and London, Profile Risk Solutions Ltd., which trades as Profile Underwriting, was founded by CEO Paul Adams in 2015. Under the leadership of Adams and fellow directors James Kerr and Jeremy Cameron, the business has grown strongly, now controlling £22 million ($28.4 million) of gross written premium (GWP).
A professional underwriting team of 20-plus staff provide niche property and liability solutions for corporate and SME clients through London market and regional broker partners. The business is also a member of the Managing General Agents Association (MGAA) and a Lloyd’s approved coverholder.
Last month, the Clear Group announced its investment in Thomond Underwriting Ltd., based in the Republic of Ireland and Northern Ireland. It also acquired One Commercial Specialty Ltd., a speciality lines MGA. Both firms will now work closely with the Profile Risk Solutions team to build and grow Clear’s MGA proposition to brokers.
“The acquisition of Profile Risk Solutions marks an important moment in our strategy as we build our MGA capability for brokers. Paul and his team have an exceptional reputation in the market and will play a vital part in growing our MGA offering,” commented Mike Edgeley, group CEO of the Clear Group.
“Joining forces with Clear is an exciting moment for the Profile team. Clear gives us the financial firepower and support to build an enhanced MGA proposition, underpinned by high quality underwriting expertise and excellent levels of service,” according to Paul Adams, CEO of Profile Risk Solutions Ltd.
Source: Clear Group
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