Clear Insurance Management parent firm The Clear Group has invested in a managing general agent for the first time.
Without disclosing the financial terms of the transaction, Clear announced its purchase of a 50% shareholding in Thomond Underwriting Limited, a commercial MGA and Lloyd’s coverholder based in Ireland and Northern Ireland.
“We’re delighted to partner with Clear and welcome their investment in our business,” Thomond managing director John O’Driscoll said in an emailed release. “We have ambitious plans to invest in our team and develop our service proposition and will be working with Mike and the Clear team to deliver an enhanced proposition to our broker clients.”
He was referring to Clear group chief executive Mike Edgeley, who lifted the lid on the move.
“Developing an MGA capability is a central plank of our growth strategy,” Edgeley said. “Joining forces with John and his team of highly skilled underwriters now provides us the strong foundations to broaden our capability and international reach to brokers in both the Irish and UK markets.”
Operating since 2007, Thomond specialises in areas such as commercial liability, commercial material damage and business interruption, commercial property owners, contractors all risks, personal accident & illness, professional indemnity, and cyber.
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