Bspoke Group completes personal lines acquisitions

Bspoke Group has completed its acquisition of Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI) from The Royal London Mutual Insurance Society.

The deal will see over 250,000 general insurance (GI) policies for ancillary products, such as military kit and personal accident, join the group as well as 16,000 healthcare policies.

Tim Smyth, chief executive of Bspoke Group,said the acquisition was a “game changer” for Bspoke Group.

He added: “This is a high quality, well managed book of business which is both profitable and with high retention rates.”

A total of 140 colleagues from PMGI and PMHC have transfered across to become part of the managing general agent (MGA) under Tupe arrangements.

Bspoke Group confirmed Kerry McMahon White, who worked at Royal London, would join the MGA’s executive team.

She will lead her team as managing director, alongisde Phil Hall as commercial director.

Growth

This came as Smyth revealed that his firm was currently working on several acquisition opportunities.

He said he was keen to explore more deals in the niche and specialist schemes space, although expectes to deliver the right balance of inorganic and organic growth.

He explained: “Our portfolio of niche businesses is well-placed to build their market presence.

“We have already seen a significant uptick in organic growth since we rebranded last year and I am confident that we’ll be able to maintain this trajectory in 2024, which is already promising to be an exciting year for MGAs in general and Bspoke Group in particular.”