Lloyd's broker Clear acquires Brokerbility Holdings
Independent broker Clear Group has acquired Brokerbility Holdings, the parent company of chartered commercial brokers BHIB and Churchill Insurance, in a deal that brings together a number of broking, network and technology businesses.
The acquired business specialises in small business insurance, transport and logistics, contractors, welfare, schemes, professional indemnity, property owners and commercial insurances.
Clear Group comprises Clear Insurance Management, a Lloyd's broker, Morrison Insurance Solutions and MPW Insurance Brokers. The business handles premiums in excess of £140 million, with particular strength in the areas of property owners, construction, legal indemnities and professional risks.
Following the acquisition, Clear Group will manage over £200 million in premiums, with combined business strengths in property and construction, SME, schemes, healthcare, professional & financial lines and mid-market corporate business.
Brokerbility Group will be led by Ian Stutz, CEO and Ashwin Mistry will continue as chairman of the 27 member network.
Clear will lead the integration of the businesses with Mistry and Stutz joining its board. Clear directors will join the boards of the Brokerbility companies.
Howard Lickens, chief executive of Clear Group, said: “This is a brilliant deal for Clear and everyone involved with Brokerbility, BHIB and Both Ashwin and Ian have done such a fantastic job and I’m delighted that my friends will continue to lead Brokerbility in the next phase of its exciting journey. With the backing of ECI Partners, we have now secured a material step forward and are well poised to make further acquisitions. This exciting deal also enables investment to grow the Network and to offer members a ‘soft’ succession option which has been on the Brokerbility wish list.”
Mistry, executive chairman of Brokerbility and BHIB Insurance Brokers said: “This deal gives Brokerbility the firepower to invest and attract new members to our group. A change of ownership to a fellow member also means that Brokerbility can continue to be the torchbearer for independent brokers, who as a group, are operating to the highest standards of technical competency and ethical behaviour."
Stutz, managing director of Brokerbility added: "Joining Clear we create a substantial brokerage that differentiates itself not through scale but by shared values that underpin the business and the way we care for our people, our clients and our relationships with insurers."
