‘[There are] plans to grow both organically and through an acquisition strategy,’ says chief executive
UK General Insurance and Precision Partnership Limited (PPL) have rebranded to create the Bspoke Group, a statement released today (26 April 2023) revealed.
The new group comprises of Bspoke Underwriting (formerly UK General Insurance), Bspoke Lifestyle (formerely Binnacle Insurance Services), Bspoke Commercial (formerly One Commercial), Provego and One Commercial Specialty.
Bspoke Underwriting will focus on personal lines schemes, while Bspoke Lifestyle will specialise in the holiday park industry.
And Bspoke Commercial will cover commercial lines, including SME, Bspoke Sports and Leisure and Bspoke Private Clients.
Current branding for freight and transport specialist Provego and One Commercial Specialty – which underwrites professional indemnity and directors and officers – will be retained.
All businesses will be led by group chief executive Tim Smyth and chairman Lord Marland.
Smyth said: “We have been working hard since the acquisition to get the group in the best possible position for substantial and profitable growth.
“The group currently underwrites more than £100m gross written premium, with plans to grow both organically and through an acquisition strategy fully supported by our shareholders.”
‘Great support’
The announcement followed Rcapital and joint investor Montague Risk Partners acquiring UK General Insurance and PPL in 2022.
Read: Open GI in brand refresh as it guns to be leading technology partner
Read: PIB Group completes nationwide rebrand
Explore more M&A-related content here or discover more news content here
As part of the move, former UK General Insurance chief financial officer Ryan Gill will take up the role of chief commercial officer at the new Bspoke Group.
He will be responsible for driving its growth strategy – including mergers and acquisitions, capital management and capacity placement.
Gill will work closely with Smyth and the executive group members along with Craig Hunter, who will serve as chief operating officer.
Smyth added: “In the last five months of trading since the business was acquired, our commercial insurance businesses have grown organically by 10% and the pace of this growth is accelerating.
“The profitability of the schemes business has improved significantly compared with the prior year, with a number of new accounts onboarded and operational efficiencies delivered.
“We have great support from both our investors and our major capacity providers while we complete the transformation of the business to create a secure, stable platform for taking advantage of the many opportunities in the UK insurance market.”
No comments yet