Clear Group has forayed into the Lloyd’s wholesale insurance market with the acquisition of Lilley Plummer Risks, which is focused on marine and property.
Investor B.P. Marsh & Partners secured £21.65m in cash by divesting its 28.4% stake in Lilley Plummer Holdings, the parent company of Lilley Plummer Risks.
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B.P. Marsh originally invested in the Lloyd’s wholesale broker in October 2019.
It will utilise the proceeds from the latest stake sale to make long-term investments across its current portfolio.
This deal, said to be Clear Group’s largest purchase in terms of GWP, boosts the company’s GWP by £150m.
Clear Group CEO Mike Edgeley said: “This deal is transformational for us because it reinforces our long-term strategy, set out some time ago, to broaden our specialist capabilities, strengthen our wholesale business and bolster our Lloyd’s presence.
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By GlobalData“We knew straight away that this was no ordinary broker, that their skillset perfectly complemented our strategy and so I am absolutely delighted to be welcoming Stuart, Dan and all the Lilley Plummer team to Clear.”
Lilley Plummer Risks, established in 2019, has transitioned from a marine specialist to a diversified international wholesaler.
This growth has been supported by its 38-member team, headed by CEO Stuart Lilley and managing director Dan Plummer.
The business projects brokerage of £12.7m and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of £6.1m for the year ending 31 December 2024.
Lilley Plummer CEO Stuart Lilley said: “Dan and I are proud of everything we have achieved with Lilley Plummer and grateful to our team and partners who made it all possible.
“Joining the Clear Group marks an exciting new chapter, and I am confident that Lilley Plummer’s values and legacy will continue to thrive. Together, we will build on past successes and explore new opportunities to create lasting value.”
Upon the deal’s completion, Abigail Benson, B.P. Marsh’s nominee director on the board of Lilley Plummer Risks, will step down.
In 2023, Clear Group acquired Irish commercial broker MBC Insurance and Techinsure.ie (MBC Insurance).
