The Clear Group, the London-based independent insurance broker, announced the acquisition of the managing general agency, Accelerate Underwriting.
Financial terms of the deal, which is its fourth involving an MGA, were not disclosed.
Established in 2015, Accelerate Underwriting is a £19 million GWP MGA, which underwrites non-standard, specialist and niche commercial products, including care homes, guest houses, unoccupied properties, boats and pleasure craft.
The business has access to both Lloyd’s and non-Lloyd’s capacity and currently insures more than 160,000 businesses and individuals. Accelerate writes the bulk of its business through its AcceleRATER, an online trading platform specifically designed to create and transact non-standard insurance business.
Accelerate Underwriting Managing Director Scott Brown and his team of 10 will all join the Clear Group, and will work closely with Mandy Hunt, MD of Clear MGA to build and grow its MGA proposition for brokers.
The business will continue to operate from its London office on Fenchurch Street.
“This is another key acquisition for Clear as we build at pace a market leading MGA proposition for brokers. Accelerate has a tremendous reputation among its broker partners which is underpinned by its specialist underwriting and technological capabilities,” commented Mike Edgeley, group CEO of the Clear Group, in a statement.
“It also has an outstanding management team under the leadership of Scott which has a track record for delivering a great service and strong organic growth which make Accelerate a perfect fit for Clear,” he added.
“The addition of Scott and his team continues to bolster our MGA broker offering, and I’m delighted to welcome them to the group. They are unquestionably a natural complement to our existing skillset, and together we will continue to develop and strengthen our position in the MGA sector,” according to Hunt.
“What attracted us to Clear was its exciting strategy to build a really strong and specialist MGA capability for brokers,” said Accelerate’s MD Brown. “As an entrepreneurial business, it was also important to ensure we joined forces with a partner which shares our cultural values and ambitions for the future. Clear was the perfect fit in this respect and we look forward to working with our new colleagues on what is such an exciting future.”
Source: The Clear Group
Topics Mergers & Acquisitions Underwriting Insurance Wholesale
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