Specialist Risk Group (SRG) and The Clear Group have bolstered their managing general agent propositions by acquiring Capulus and Accelerate Underwriting, respectively.
A Wales-based MGA specialising in motor fleet insurance, Capulus will join SRG’s MGA arm, MX, boosting the group’s existing expertise in motor fleet underwriting while establishing MX as a major player across the UK and Ireland. A team of 21 Capulus colleagues will be integrated into MX, which also has a focus on property and casualty.
“It’s great to welcome Capulus to Specialist Risk Group,” commented Lee Anderson, SRG’s group deputy chief executive. “Darren, Kevin, and their team have built an incredibly well-run and profitable business, and I’ve genuinely enjoyed getting to know them throughout the acquisition process. The culture and approach of the business are a natural fit with ours.
“This partnership is a key milestone in our journey to bring together like-minded teams who are committed to delivering exceptional service and support to our broker partners across the UK and Ireland. Capulus’ integration into MX will strengthen our shared culture of excellence and ensure that their clients continue to receive the high level of service they expect, now enhanced by the broader capabilities and resources of SRG.”
Anderson was referring to Capulus directors Darren Ovenden and Kevin Smith, who described the deal as an “exciting new chapter” for the MGA.
Clear, meanwhile, snapped up Accelerate Underwriting, marking its fourth acquisition in the MGA space as it continues to strengthen its underwriting capabilities for brokers.
Founded in 2015, Accelerate Underwriting handles £19 million in gross written premium for non-standard and niche commercial insurance products. These include coverage for care homes, guest houses, unoccupied properties, and marine assets like boats and pleasure craft.
The MGA has access to both Lloyd’s and non-Lloyd’s capacity, insuring over 160,000 clients. A significant portion of its business is conducted through its proprietary online platform AcceleRATER.
Scott Brown, managing director of Accelerate Underwriting, along with his 10-member team, will transition to Clear, collaborating with Clear MGA managing director Mandy Hunt to further expand the group’s MGA offerings. Accelerate Underwriting will continue to operate from its office in London.
Commenting on the swoop, Clear group CEO Mike Edgeley stated: “This is another key acquisition for Clear as we build at pace a market-leading MGA proposition for brokers. Accelerate has a tremendous reputation among its broker partners which is underpinned by its specialist underwriting and technological capabilities.
“It also has an outstanding management team under the leadership of Scott which has a track record for delivering a great service and strong organic growth, which make Accelerate a perfect fit for Clear.”
Financial terms of both transactions were not disclosed.
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