The Clear Group has expanded its managing general agents (MGA) capabilities by acquiring One Commercial Specialty.

The acquired firm provides various industry stakeholders with professional indemnity and directors’ and officers’ liability insurance solutions.

The new deal marks The Clear Group’s 42nd acquisition since its inception in 2001 and the second MGA deal so far.

It is in line with the company’s strategy to create a major player in the MGA sector.

The deal allows One Commercial Specialty’s MGA team to work with The Clear Group’s retail-broking business.

One Commercial Specialty’s directors Dan Mitchell and James Russell will remain with the company to lead the business.

Financial terms of the deal were not disclosed.

The Clear Group CEO Mike Edgeley said: “We are delighted to welcome One Commercial Specialty, which will play an integral part in building our MGA proposition and help deliver better customer outcomes across specialist lines of business.

“Dan and James have built a great business and we look forward to pulling together our different strengths to provide a broader and enhanced proposition to brokers.”

Earlier this month, The Clear Group announced the purchase of a 50% stake in its first MGA, Thomond Underwriting.

Founded in 2007, Thomond Underwriting is based in Ireland and Northern Ireland.

Mitchell and Russell said: “The investment which the Clear Group has made in our business will make a significant difference to our brokers and their clients.

“CLEAR is a great cultural fit and provides a stronger base for our business, and we look forward to working with the Clear team to deliver an even more compelling proposition to our broker partners.”