Clear Insurance Management, a specialist insurance solutions provider, has announced the acquisition of specialist MGA Accelerate Underwriting.
Financial details of the deal remain undisclosed.
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The deal, which marks Clear Insurance’s fourth MGA purchase, will bolster the company’s existing underwriting services for brokers.
Established in 2015, Accelerate Underwriting specialises in non-standard and niche commercial products such as care homes, unoccupied properties, guest houses and marine insurance, mainly comprising boats and pleasure craft.
With access to both Lloyd’s and non-Lloyd’s capacity, Accelerate currently provides insurance for more than 160,000 businesses and individuals.
The MGA’s primary business channel is AcceleRATER, an online platform designed for the creation and transaction of non-standard insurance products.
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By GlobalDataAs part of the deal, Accelerate Underwriting’s managing director Scott Brown as well as his ten-member team will move to Clear Group.
They will collaborate with Mandy Hunt, managing director of Clear MGA, to expand the MGA proposition for brokers.
In addition, Accelerate will maintain its operations from its existing London office on Fenchurch Street post-acquisition.
Clear group CEO Mike Edgeley 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 Scott which has a track record for delivering a great service and strong organic growth, which make Accelerate a perfect fit for Clear.”
Brown added: “What attracted us to Clear was its exciting strategy to build a really strong and specialist MGA capability for brokers.
“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.”
