The acquisition will ‘help deliver better customer outcomes across a number of specialist lines of business’, says chief executive
Clear Group has acquired speciality lines MGA One Commercial Speciality, a statement released yesterday (12 July 2023) revealed.
Harrogate-based One Commercial Speciality offers professional indemnity and directors’ and officers’ liability insurance.
The acquisition will see it sit alongside Clear’s retail broking business, which is based in Great Tower Street, London.
According to Companies House, Clear Group gained significant control of One Commercial Speciality last month (30 June 2023) and now holds 75% or more of the shares and 75% or more of the voting rights in the company.
Mike Edgeley, chief executive of the Clear Group, said the team was “delighted to welcome One Commercial Speciality”.
”[It] will play an integral part in building our MGA proposition and help deliver better customer outcomes across a number of specialist lines of business,” he added.
One Commercial Speciality directors Dan Mitchell and James Russell will continue to lead the business as part of the move.
Edgeley said that both Mitchell and Russell have “built a great business” and looked forward ”to pulling together our different strengths and investing in their ambitious plans to provide a broader and enhanced proposition to brokers”.
The purchase represents Clear Group’s second MGA deal, having bought a 50% shareholding in MGA Thomond Underwriting – based in the Republic of Ireland and Northern Ireland – earlier this month (4 July 2023).
“The investment which the Clear Group has made in our business will make a significant difference to our brokers and their clients,” said Mitchell and Russell.
“Clear is a great cultural fit and provides a stronger base for our business, and we look forward to working with the Clear management team to deliver an even more compelling proposition to our broker partners.”
Prior to the deal, One Commercial Speciality served as an appointed representative of Bspoke Commercial.
Ryan Gill, chief commercial officer at Bspoke Group, told Insurance Times : “We’re pleased to have concluded this deal with the team at Clear Group.
”I’m confident they will be excellent custodians of One Commercial Specialty and we wish the team well for the future.”