‘Developing an MGA capability is a central plank of our growth strategy,’ says group chief executive
Insurance broker Clear Group has acquired a 50% shareholding in MGA Thomond Underwriting, a statement released yesterday (4 July 2023) revealed.
Thomond Underwriting is a commercial MGA and Lloyd’s coverholder that has operated both in the Republic of Ireland and Northern Ireland since 2007.
The business deals only through brokers.
Clear Group said partnering with the firm represented its first MGA deal.
Mike Edgeley, chief executive at Clear Group, said that “developing an MGA capability is a central plank of our growth strategy” as the firm looks to broaden its international reach.
Strategic ambitions
As part of the move, Thomond Underwriting managing director John O’Driscoll will work to build Clear Group’s MGA capability by developing its range of products and services.
Read: UK&I leads way in European insurance M&A deals – but has activity reached its peak?
Read: AssuredPartners announces acquisition of Irish broker
Explore more M&A-related content here or discover other news stories here
“Joining forces with [O’Driscoll] and his team of highly skilled underwriters now provides us the strong foundations to broaden our capability and international reach to brokers in both the Irish and UK Markets,” Edgely said.
Thomond Underwriting offers a variety of insurance solutions.
This includes commercial liability, commercial material damage and business interruption (BI), commercial property owners, contractors all risks, personal accident and illness, professional indemnity (PI) and cyber.
O’Driscoll added: “We’re delighted to partner with Clear and welcome their investment in our business.
”We have ambitious plans to invest in our team and develop our service proposition and will be working with Mike and the Clear team to deliver an enhanced proposition to our broker clients.”
No comments yet