’The acquisition marks an important moment in our strategy,’ says chief executive

Insurance broker Clear Group has completed its third MGA deal in a month by acquiring Profile Risk Solutions, a statement released today (28 July 2023) said.

Profile Risk Solutions, which trades as Profile Underwriting, provides niche property and liability solutions for corporate and SME clients through London market and regional broker partners.

The specialist commercial lines MGA is also a member of the Managing General Agents Association and is a Lloyd’s approved coverholder.

Clear Group acquired the firm after purchasing a 50% shareholding in MGA Thomond Underwriting earlier this month (5 July 2023).

And a week later (13 July 2023), it acquired speciality lines MGA One Commercial Speciality.

”Both firms will now work closely with the Profile Risk Solutions team to build and grow Clear’s MGA proposition to brokers,” Clear Group said.

’Important moment’

Profile Risk Solutions, which is based in Essex, Manchester and London, was founded by chief executive Paul Adams in 2015.

Under the leadership of Adams and fellow directors James Kerr and Jeremy Cameron, the business now controls £22m gross written premium (GWP).

Mike Edgeley, Clear Group chief executive, said: “The acquisition of Profile Risk Solutions marks an important moment in our strategy as we build our MGA capability for brokers.

”Paul and his team have an exceptional reputation in the market and will play a vital part in growing our MGA offering.”

Adams added that joining forces with Clear Group was “an exciting moment” for the team.

“Clear gives us the financial firepower and support to build an enhanced MGA proposition, underpinned by high quality underwriting expertise and excellent levels of service,” he said.

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