The Clear Group has acquired managing general agent Profile Risk Solutions – the third MGA to be snapped up by the company as part of its ongoing growth strategy in the space.
“The acquisition of Profile Risk Solutions marks an important moment in our strategy as we build our MGA capability for brokers,” Clear group chief executive Mike Edgeley said in an emailed release. “Paul and his team have an exceptional reputation in the market and will play a vital part in growing our MGA offering.”
Edgeley was referring to Profile Risk Solutions CEO Paul Adams, who founded the specialist commercial lines MGA in 2015. Trading as Profile Underwriting, the Lloyd’s coverholder and Managing General Agents’ Association member operates in Essex, Manchester, and London.
“Joining forces with Clear is an exciting moment for the Profile team,” commented Adams, who leads the firm alongside fellow directors James Kerr and Jeremy Cameron. “Clear gives us the financial firepower and support to build an enhanced MGA proposition, underpinned by high-quality underwriting expertise and excellent levels of service.”
Clear’s previous MGA investments, Thomond Underwriting and One Commercial Specialty, will be working closely with Profile Risk Solutions’ underwriting team of more than 20 people. The latest addition controls £22 million in gross written premium.
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