’There are a number of opportunities that we are working on,’ says chief executive 

Bspoke Group’s chief executive Tim Smyth has revealed that his firm is currently working on several acquisition opportunities – and is anticipating a “very busy” first part of 2024 as a result.

The managing general agent (MGA) was formed back on 26 April 2023, when UK General Insurance and Precision Partnership Limited opted to rebrand, and went on to strike a few deals during the rest of the year.

This included snapping up Miramar Underwriting on 18 May 2023 and, more recently, acquiring Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI) from The Royal London Mutual Insurance Society on 29 November 2023.

And heading into next year, the firm looks set to ramp up the number of deals it will make, with Smyth highlighting that Bspoke already has several transactions in the pipeline.

While he stresses that the firm does not have a specific target for the number of deals that it will make, he says his team ”are quite excited for what is going to look like a very busy first part of 2024”. 

“There are a number of opportunities that we are working on – we don’t have a huge merger and acquisition (M&A) team and we have to be careful in managing our workload, but some are quite advanced,” he tells Insurance Times.


While more M&A activity looks to be on the cards for Bspoke, the firm has a certain criteria that a business must meet to be acquired.

Smyth highlights that one of the key things Bspoke look at before making a purchase is the loss ratio, stating that it is “non-negotiable” that a company has to generate value.

“We are an underwriting business through and through and we would not take on business that could damage our capital providers,” he adds.

“We are there to pay for the unexpected, but what we will not be doing is taking on underperforming books of business.”

Smyth also says that the products Bspoke would obtain through an acquisition need to deliver good outcomes to customers.

“We have to make sure that we are delivering and creating products that offer good value, give good outcomes and result in a high satisfaction rate,” he adds.

And finally, Smyth says it is important that Bspoke is getting “the right mix of people” in deals as well.

He highlights Bspoke’s recent acquisition of PMHC and PMGI as an example, which will see 140 colleagues across both businesses transfer across under Tupe arrangements in the new year.

“We’re really excited to be working with the management team that are coming in and working with more people like that will be great,” Smyth says.


Smyth highlights that once these three conditions are met, the firm can get board and shareholder approval to proceed with a deal.

And he says the investment being provided by shareholders has helped Bspoke secure more opportunities.

“Our shareholders have been incredible and the level of support we have received from them has been absolutely spot on – money in the pocket is fantastic.

“They are encouraging us to do more, so we have appetite and we have opportunity.”

And he felt the way Bspoke operates also allows for more deals to be struck.

The group comprises of Bspoke Underwriting (formerly UK General Insurance), Bspoke Lifestyle (formerely Binnacle Insurance Services), Bspoke Commercial (formerly One Commercial), Provego and One Commercial Specialty.

Smyth highlights that Bspoke’s organic growth had been north of 30% this year and felt that with the business growing in size and influence, there would be more opportunity.

“We are a very natural home,” Smyth says.

“The underlying businesses are performing really strongly and we’ve got really strong individual managers running those businesses, all of which with their own business plan.

“Those things move us towards good growth.”