‘We’re ready to unlock new opportunities and take our offering to the next level,’ says founder
Bspoke Group has acquired Colchester-based insurtech Arma Karma in a move intended to strengthen its digital insurance offerings.
Announced today (18 March 2025), Leeds-based MGA Bspoke Group said the deal would enhance its product distribution, improve customer experience and create operational efficiencies.
Arma Karma offers a flexible, subscription-based insurance model that covers valuable items such as phones, jewellery and headphones. The company, a certified B Corp, donates 25% of its commission revenue to a panel of charities selected by policyholders.
Ryan Gill, chief commercial officer at Bspoke Group, said the deal aligned with the MGA’s strategy to expand its digital capabilities.
He said: “Arma Karma is a true disruptor in the insurance industry, filling a gap in the market to meet ever-changing customer needs.
“[Arma Karma founder and chief executive] Ben Smyth and his team have not just built an innovative platform, they’ve met consumer demand for trust and sustainability with their brand.”
Gill added that Bspoke Group’s infrastructure and expertise would help Arma Karma scale further while strengthening the wider group’s proposition.
New chapter
Commenting on the deal, Smyth said the partnership was a “transformative chapter” for Arma Karma.
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He said: “With Bspoke’s extensive resources and shared commitment to innovation and sustainability, we’re ready to unlock new opportunities and take our offering to the next level.”
Bspoke Group, which operates multiple niche and specialist MGAs across sectors including property, leisure, commercial and transportation, aims to integrate Arma Karma’s technology into its existing operations.
Within the last year, the MGA group has also announced deals with Hood Group and SiriusPoint. Bspoke has also gone on a recruitment spree in the previous twelve months, announcing appointments of multiple previous employees of Munich-based Groves John Westrup Private Clients (GJW) and high-value insurance specialist Home and Legacy.
The financial details of the Arma Karma acquisition have not been disclosed.
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