It hasn’t taken long for the wheels to start turning at Bspoke Insurance Group, the company that rebranded in April to bring together a collection of specialist MGAs, including UK General.
The firm has today revealed its acquisition of Miramar Underwriting Ltd, subject to regulatory approval.
Miramar, based in London, was founded by Tim Simpson and Jeff Turner back in 2009. It currently operates as an MGU delegating authority to coverholders that specialise in writing property owners’, non-standard residential, commercial, residential property and unoccupied property classes.
In a move announcing the deal it was revealed that all staff will stay on post completion, and that its London offices will be retained.
“Our discussions with Tim (Smyth, CEO) and Ryan (Gill, chief commercial officer) have been extremely positive and we have been impressed by the vision and strategy for the Bspoke Group, who we believe will prove excellent custodians for our brand, the team and our clients for the future,” said Turner.
“The new investment from RCapital and Montague Investment Group has provided a strong platform to look ahead and deliver the plan, I am looking forward to the Miramar team playing our part in delivering the Bspoke Group’s long term aims.”
On the back of the deal, Smyth commented that the firm has “excellent momentum.”
“Miramar is a quality business with the particular kind of niche specialism that aligns with our strategy and will be an excellent fit for the Bspoke Group portfolio,” he said. “I’ve known Jeff for 30 years and have the utmost respect for his underwriting expertise combined with an astute trading mindset.
“He and the team enjoy long term, profitable relationships with their capacity providers and clients alike, which underlines the professionalism Jeff and the Miramar team brings to the business. I am confident that Miramar will be a great addition to the Bspoke Group and make a major contribution to our ambitious plans for growth. I am also delighted that Jeff will be joining the leadership team.”
The Bspoke Group head office is based in Leeds, West Yorkshire with further subsidiary offices in Shropshire and Gloucestershire.
What do you make of the newly rebranded group? Leave a comment below with your thoughts.
