Insurance provider to move book of 13,500 policies from RSA to MGA

MGA group Bspoke has announced a new deal that it will see it underwrite Hood Group’s household portfolio.

The book contains around 13,500 policies and is currently looked after by insurer RSA.

Thew new partnership will see the policies transition from RSA to Bspoke from 1 December 2024.

Tim Smyth, chief executive at Bspoke, said: “This partnership with Hood Group aligns perfectly with our vision to work with companies who value innovative approaches.

“We’re excited to build a relationship that prioritises sustainable, profitable growth and we’re eager to explore further opportunities to support the needs of our clients.”

MBO

The announcement comes after the management team at Hood Group completed a buyout of the affinity insurance provider’s silent shareholders.

The firm’s leadership team made the move as they look to expand the business’ functions and resources, as well as invest in new and existing verticals.

Hood Group said its new partnership with Bspoke is expected expand in the coming months, with both exploring additional opportunities to work together.

Simon Hood, chief executive at Hood Group, said: “This partnership with Bspoke is a natural fit for us, as we share a common goal to provide value-driven, client-focused services that foster growth and build lasting relationships.

“We’re excited to be working together and look forward to the benefits it will bring our clients.”