Clear Group acquires MGA to enhance underwriting capabilities

Broker Clear Group has acquired managing general agent (MGA) Accelerate Underwriting as it continues to build its underwriting capability for brokers.

Accelerate was established in 2015 and has access to both Lloyd’s and non-Lloyd’s capacity.

It underwrites non-standard, specialist and niche commercial products, including care homes, guest houses, unoccupied properties, boats and pleasure craft.

And the firm currently generates around £19m in gross written premium (GWP).

The acquisition will see Accelerate managing director Scott Brown and his team of 10 continue to operate from the firm’s London office in Fenchurch Street.

They will work closely with Mandy Hunt, managing director of Clear’s MGA arm.

Hunt said: “The addition of Brown and his team continues to bolster our MGA broker offering and I’m delighted to welcome them to the group.”

Brown added: ”As an entrepreneurial business, it was also important to ensure we joined forces with a partner which shares our cultural values and ambitions for the future.

”Clear was the perfect fit in this respect and we look forward to working with our new colleagues on what is such an exciting future.”

Other deals

The deal represents Clear’s fourth MGA acquisition.

Other firms it has snapped up include Profile Underwriting, One Commercial Specialty and a 50% shareholding in Thomond Underwriting.

Mike Edgeley, group chief executive at Clear, said: “This is another key acquisition for Clear as we build at pace a market leading MGA proposition for brokers.

”Accelerate has a tremendous reputation among its broker partners, which is underpinned by its specialist underwriting and technological capabilities. It also has an outstanding management team under the leadership of Brown, which has a track record for delivering a great service and strong organic growth, making Accelerate a perfect fit for Clear.”