Clear Group acquires UK MGA Accelerated Underwriting

The Clear Group, the London-based independent insurance broker, has announced the acquisition of general management agency Accelerate Underwriting.

Financial terms of the deal, which is the fourth involving an MGA, were not disclosed.

Established in 2015, Accelerate Underwriting is a £19m GWP MGA underwriting non-standard, specialist and niche commercial products including care homes, guest houses, vacant properties, boats and pleasure craft.

The company has access to both Lloyd’s and non-Lloyd’s capacity and currently insures over 160,000 businesses and individuals. Accelerate writes most of its business through AcceleRATER, an online trading platform specifically designed to create and trade non-standard insurance business.

Accelerate Underwriting Managing Director Scott Brown and his team of 10 will join the Clear Group and work closely with Clear MGA MD Mandy Hunt to build and develop the MGA proposition for brokers.

The business will continue to operate from its London office on Fenchurch Street.

“This is another key acquisition for Clear as we rapidly build a market-leading MGA proposition for brokers. Accelerate has an outstanding reputation among its broker partners, which is supported by its technology and specialist underwriting capabilities,” commented Mike Edgeley, CEO of Clear Group, in a statement.

“It also has an outstanding management team, led by Scott, who has a track record of delivering excellent service and strong organic growth, making Accelerate a perfect fit for Clear,” he added.

“The addition of Scott and his team continues to strengthen our MGA broker offering and I am delighted to welcome them to the fold. They are undoubtedly a natural complement to our existing skillset and together we will continue to develop and strengthen our position in the MGA sector,” according to Hunt.

“What attracted us to Clear was its exciting strategy to build a really strong and specialized MGA capability for brokers,” said Accelerate’s MD Brown. “As an entrepreneurial business, it was also important to ensure that we joined forces with a partner who shared our cultural values ​​and ambitions for the future. Clear has been the perfect fit for this and we look forward to working with our new colleagues on what is such an exciting future.”

Source: The Clear Group

TOPICS
Mergers and acquisitions Wholesale insurance underwriting