The Clear Group has made its second managing general agent investment, acquiring One Commercial Specialty Limited after recently purchasing half of Thomond Underwriting.
“We are delighted to welcome One Commercial Specialty, which will play an integral part in building our MGA proposition and help deliver better customer outcomes across a number of specialist lines of business,” Clear group chief executive Mike Edgeley stated in an emailed release.
“Dan and James have built a great business, and we look forward to pulling together our different strengths and investing in their ambitious plans to provide a broader and enhanced proposition to brokers.”
The CEO was referring to Dan Mitchell and James Russell, who will continue to lead the MGA and believe that Clear’s investment will make “a significant difference” to brokers and clients alike.
“Clear is a great cultural fit and provides a stronger base for our business, and we look forward to working with the Clear management team to deliver an even more compelling proposition to our broker partners,” the directors said in a joint statement.
The acquisition, financial terms of which were not disclosed, is part of Clear’s ongoing strategy to build MGA capability. One Commercial Specialty, which offers professional indemnity and directors’ & officers’ liability insurance products, will sit alongside the group’s retail broking business.
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