Miles Smith has said the acquisition will open up the opportunity of new products and capabilities
Miles Smith-owner Pollen Street Capital (PSC) has acquired two new brokers.
The Underwriting Exchange and LIME, together known as the TUE Companies, were acquired through Specialist Risk Investments Limited (SRIL), an investment company established by PSC to make acquisitions in the European SME broking sector.
The TUE Companies are specialty insurance intermediaries for Irish and UK businesses and the placing business into the Lloyd’s and London insurance markets.
In a statement Miles Smith, acquired in February 2018 by the private equity firm, said the addition of the TUE Companies could create new products and capabilities across each company’s market.
Miles Smith chief executive Paul Chainey said: “This is a wonderful opportunity for the group as we continue to focus on outstanding client service and value.
“The growth culture of both companies will only enhance our brand reputations in both of our respective markets.
“Having known Stephen and Adrian for a number of years I look forward to working closely with them in developing new products and markets for the benefit of our clients.”
The combined group will control premium in excess of £300m, with SRIL looking to make further acquisitions.
Stephen O’Connor and Adrian Butler, the founders of the TUE Companies, will remain major investors in the business and maintain the brand. They will continue to manage the TUE Companies on a day-to-day basis and both will join the board of SRIL.
In a joint statement they said: “We are delighted to be joining the Specialist Risk Investments group.
“We are proud to have built The Underwriting Exchange and LIME into recognised leaders in Irish broking SME and wish to thank our employees for their hard work in getting the companies to where they are today.
“We believe that the new investment from Pollen Street Capital will offer exciting opportunities to expand the Underwriting Exchange into new products and markets, and that Specialist Risk Investments is well-placed to benefit from trends in the industry.
“We look forward to working alongside Paul Chainey and other members of the Miles Smith team to develop new products and capabilities for our SME customers to further expand the companies’ leading positions in the UK and Irish markets.”
Ian Gascoigne, partner at PSC added: “The Underwriting Exchange and LIME have grown rapidly in recent years to become market leaders in the broking of specialist risk in the Irish market.
“We have been impressed by the high regard with which customers and insurers hold the businesses and are delighted to have the opportunity to back employees and management of the business through its exciting next phase of growth”.