Bspoke Group makes first acquisition since rebranding

Bspoke Insurance Group has acquired Miramar Underwriting – its first purchase since rebranding in April 2023.

Miramar operates as a managing general underwriter (MGU), delegating authority to coverholders specialising in writing property owners’ non-standard residential, unoccupied property and other commercial and residential property classes.

It was founded by Jeff Turner and Tim Simpson in 2009.

As part of the acquisition, all staff members will remain with the company and the London offices will be retained.

Bspoke chief executive Tim Smyth said he was confident that Miramar “will be a great addition” to the group and “make a major contribution to our ambitious plans for growth”.

“Miramar is a quality business with the particular kind of niche specialism that aligns with our strategy and will be an excellent fit for the Bspoke Group portfolio,” he added.

“I’ve known Jeff for 30 years and have the utmost respect for his underwriting expertise combined with an astute trading mindset.

“He and the team enjoy long term, profitable relationships with their capacity providers and clients alike, which underlines the professionalism Jeff and the Miramar team brings to the business.”

‘Excellent custodians’

The new Bspoke group came after Rcapital and joint investor Montague Risk Partners acquired UK General Insurance and Precision Partnership Limited in 2022. 

The new group comprises several divisions, including Bspoke Underwriting, Bspoke Lifestyle, Bspoke Commercial, Provego and One Commercial Specialty.

Smyth said acquiring Miramar “continues the excellent momentum we have made during the last six months, including our recent rebrand”.

Meanwhile, Turner said Miramar had been “impressed by the vision and strategy for the Bspoke group”.

“We believe [they] will prove excellent custodians for our brand, the team and our clients for the future,” he added.

“The new investment from RCapital and Montague Investment Group has provided a strong platform to look ahead and deliver the plan, I am looking forward to the Miramar team playing our part in delivering the Bspoke Group’s long term aims.”