Clear Group Acquires UK Specialist Broker Commercial Risks

Clear Group, the London-based independent insurance intermediary, has acquired specialist broker Commercial Risks (UK) Ltd. and its managing general agency, Troon Underwriting. Financial details of the deal were not disclosed. Founded in 2002 and led by James Osman, Commercial Risks places complex, challenging and specialist risks into Lloyd’s and the surrounding company markets. The business operates predominantly in the wholesale market, working with insurance brokers throughout the UK to access dedicated London market capacity and develop solutions for risks that require expertise beyond the conventional composite market. Commercial Risks has particular expertise across commercial combined, contractors’ risks, casualty, professional risks, property owners, education, care and sports, and leisure and entertainment business. Alongside its core broking activities, Commercial Risks is also an approved Lloyd’s coverholder and operates its MGA, Troon Underwriting, under a number of delegated underwriting authorities. The business also retains a selective retail broking portfolio. Clear said the acquisition is an important addition to its London wholesale capability, which has been a key focus area of growth for the group over recent years. Commercial Risks brings established technical liability expertise, long-standing Lloyd’s capacity relationships and a strong network of brokers, alongside a consistent track record of winning new business. The business employs seven people. Joining Clear will provide the Commercial Risks team access to the group’s broader infrastructure, resources and expertise, while enabling the business to maintain its London market focus and develop its relationships with broker partners and insurers. “Commercial Risks has always been built around specialist London market expertise, strong relationships and finding solutions for risks that are difficult to place in the conventional market,” commented James Osman, managing director of Commercial Risks, in a statement. “Joining Clear gives us the opportunity to build on that foundation while benefiting from the scale, infrastructure and resources of a larger independent group. It will allow us to broaden our capabilities while retaining the expert-led approach and personal relationships that have always been central to the business,” Osman added. “Commercial Risks is an excellent fit for Clear and represents another important step in our strategy of building specialist capability across the group,” according to Mike Edgeley, group CEO of Clear Group. “The business has a strong reputation in the wholesale market, genuine expertise in complex liability and an impressive network of broker relationships. James and his team have built a business with a clear specialist identity and a strong track record of growth.” The acquisition furthers Clear Group’s broader growth strategy, which combines organic development with targeted acquisitions that add specialist expertise, strengthen its market proposition and create greater value for clients and broker partners, the company said. Source: Clear Group Topics Mergers & Acquisitions Agencies Commercial Lines Business Insurance