The newest buy is ‘another great fit’ for the group, says chief executive
Intermediary organisation The Clear Group has acquired independent broker GSI Commercial Services.
Rochester-based GSI was established in 1995 - it provides insurance broking services in lines including motor fleet, commercial combined, commercial liability and property protection.
Following its purchase by The Clear Group, GSI’s staff – including partners David Bramley-Harker and Terry Charlesworth – will transfer to Clear’s office in Maidstone, Kent from early 2023.
Bramley-Harker and Charlesworth will work closely with The Clear Group’s management to “drive business growth and opportunities”, according to a statement.
The purchase of GSI represents the 35th acquisition made by The Clear Group since it was established in 2001.
This is also the first deal to complete since the private equity business within Goldman Sachs agreed to acquire a majority stake in The Clear Group in June 2022.
Mike Edgeley, group chief executive at The Clear Group, said: “GSI Commercial Services is another great fit for our business, which strengthens our presence across the south east.
“David, Terry and the GSI team will certainly enhance and grow our capabilities and help us deliver on our ambitious plans.”
Bramley-Harker added: “We feel very confident about the future of our business now that we have joined forces with The Clear Group.
“Clear’s distinctive culture, along with an exciting growth plan, ensures that our staff and clients will be in safe hands moving forward.”
News of Clear’s purchase of GSI follows the release of its financial results for the 12 months up to 31 October 2021 last week (28 July 2022) , in which it revealed that it had grown its earnings before interest, taxes, depreciation and amortisation (ebitda) by 76% over the prior year.
The purchase also follows the firm’s acquisition of broker ProAktive in June 2022.