In a strategic move in the specialist schemes space, The Clear Group has acquired Hampshire-based niche schemes broker CoverMarque Ltd.
CoverMarque, founded in 2003 by managing director Nick Drew, specialises mainly in arranging cover for temporary marquee structures and has grown its business by over 120% in the last four years. Drew and his team will integrate with Clear’s retail division.
Chief executive Mike Edgeley (pictured) had this to say about the deal, financial terms of which were not disclosed: “CoverMarque Ltd ticks all the boxes in what we look for in a business which can support our growth ambitions.
“It’s a fast-growing, entrepreneurial-led firm, which has carved out a distinctive position in the market for being a real specialist in its field. There is significant opportunity for Nick and his team to thrive within Clear as they look to expand their specialist offering to clients.”
For Drew, it’s Clear’s “outstanding reputation for backing specialist businesses” that led his camp to call the wider business “the ideal partner” for CoverMarque.
“It’s particularly important that we continue to offer our clients the exceptional service and innovative solutions which have been the foundations of our success to date,” Drew stated. “With Clear’s support, we are well-positioned to grow even faster, particularly as we look to expand into new markets.”
The transaction comes on the heels of Christy Chisholm’s arrival as group sales and marketing director at Clear. The insurance intermediary, which is backed by Goldman Sachs Alternatives, also recently entered the Lloyd’s wholesale market by snapping up marine and property specialist Lilley Plummer Risks.
What do you think about this story? Share your thoughts in the comments below.
