Three brokers – NFP, Clear Group, and Strategic Risk Group – each announced acquisitions during July.
In reverse chronological order, the acquisitions are listed as follows:
NFP, the New York-based insurance broker and Aon subsidiary, announced on July 24 that it had acquired DuSean Barrett Bloodstock Insurances Ltd., which trades under the name of Barrett Private Insurances.
Financial details of the transaction were not disclosed.
Acquisition of Dublin-based business will strengthen the specialized insurance solutions and services NFP offers in Ireland.
John Barrett, director of Sean Barrett Bloodstock Insurances Ltd., will join NFP as a managing director with a focus on growing the company’s Private Client Group in Ireland and the UK, which focuses on providing customized risk solutions for high-net-worth individuals and families.
“We’ve established a strong presence in the Irish market through organic growth and acquisition, and the expertise of the team at Sean Barrett Bloodstock Insurances will undoubtedly strengthen it further,” said JP Allcock, group managing director, NFP in Europe. “Their commitment to delivering excellent service to their clients with a personalized touch aligns with our approach, and we look forward to their active involvement in expanding our private client offerings in the Irish market and into the UK.”
Barrett Private Insurances has been in the Irish market for 37 years. The brokerage uses its experience and intricate knowledge of the home, collections, travel, auto, yachts and bloodstock insurance markets to solve the complex risk management needs of its private clients.
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Clear Group, the London-based independent insurance broker, announced on July 24 it had acquired the book and assets of Maynard Milton Insurance Services LLP
Financial details of the deal were not disclosed.
Founded over 30 years ago, Maynard Milton Insurance Services LLP is a successful £4.9 million GWP broker based in Southend-on-Sea in Essex, England. The business has a strong reputation in its local market and has recognised expertise in fleet and property insurance, the Clear Group said.
The team from Maynard Milton Insurance Services LLP will all join Clear Group, including partners in the business, Martin Maynard and Kevin Milton. The acquisition will help reinforce Clear’s presence in the region with its existing Shoeburyness office.
“We are delighted to welcome the Maynard Milton team to Clear. This is a well-run and profitable business which has a track record of delivering year on year grow. It’s another example of how Clear is able to invest in regional brokers while adding scale and expertise to our client proposition,” commented Mike Edgeley, group CEO of the Clear Group.
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Specialist Risk Group (SRG), the London-based insurance intermediary, announced on July 23 it agreed to acquire specialist property and casualty MGA, Trilogy Underwriting.
Financial terms of the deal were not disclosed. SRG purchased Trilogy from Resolution Underwriting Holdings, the Stratford, England-based holding company of a group of MGAs.
Trilogy is SRG’s second acquisition to join its Underwriting pillar, MX, in 2024. MX’s acquisitions to date include Tristar Special Risks, The MPLC, CLS Risk Solutions, Blackrock Insurance Solutions, and GB Underwriting.
Formed in 2013, Trilogy Underwriting specializes in property/casualty business, supporting a select panel of wholesale and retail brokers across the UK. Led by Managing Director Chris Blackwell, Trilogy has delegated underwriting authority from major insurers with a minimum of A-rated security.
“We are thrilled to welcome Chris and the Trilogy team to MX. Trilogy will help us expand our footprint at pace in the London Market while supporting wholesale and retail brokers, and their clients,” according to Lee Anderson, SRG Group deputy CEO. “The Trilogy team also enhances our specialist underwriting capability and access to the London market’s area of expertise.”
“Joining the MX pillar of Specialist Risk Group brings significant opportunities and benefits for our broker partners and the members of the Trilogy team,” said Chris Blackwell, managing director of Trilogy Underwriting. “The enhanced scale and collective experience of MX will enable us to further develop our offering and ensure we continue to support our broker partners with complex property and casualty risks.”
Blackwell thanked Resolution Underwriting for its support over the last few years. “[T]hey have played a key role in the Trilogy journey, and I have very much enjoyed working with them.” Resolution purchased Trilogy in 2020.
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Specialist Risk Group (SRG), the London-based insurance intermediary, announced on July 9 it had acquired the ongoing business of Carriagehouse, the specialist equestrian broker.
Financial terms of the deal were not released.
Established over 30-years ago, and headquartered in Colchester, England, Carriagehouse supports the equestrian industry with a range of specialist products including policies for horses and donkeys, horseboxes and horse trailers, carriages and harness and commercial carriage drivers.
The Carriagehouse offering neatly complements SRG’s existing equestrian business, KBIS, which joined forces with SRG in January 2021, said SRG, noting that its investment in Carriagehouse is a further demonstration of its commitment to investing in specialisms.
“This is a great deal for SRG and reinforces our commitment to investing in specialist sectors across the UK and internationally. KBIS are leaders in the equestrian industry and the addition of the Carriagehouse book will enable them to support a more diverse client base within this specialist sector,” commented Lee Anderson, SRG Group Deputy CEO, in a statement.
“I am excited by this deal and am looking forward to further supporting our Carriagehouse clients as they move over to KBIS. It is important to me that our clients continue to receive the high level of service and specialist coverage they have come to expect,” according to Fiona Gordon-Clarke, Carriagehouse director.
“The synergy between our teams and the comprehensive range of equestrian insurance products that KBIS offers, in addition to those developed by Carriagehouse, will ensure this going forward,” Gordon-Clarke said.
Topics Mergers & Acquisitions
