Goldman Sachs-backed broker Clear Group eyes MGA market

Goldman Sachs-backed UK insurance broker  Clear Group has acquired One Commercial Specialty to build its capability in the MGA market.

The acquisition represents Clear Group’s second MGA deal. One Commercial Specialty’s MGA expertise will sit alongside Clear’s retail broking business.

One Commercial Speciality offers professional indemnity and directors’ and officers’ liability insurance products across a wide range of professions and industry sectors. Its directors Dan Mitchell and James Russell will continue to lead the business and play a key role in developing Clear’s MGA proposition to brokers.

Earlier this month, Clear acquired a 50% shareholding in Thomond Underwriting based in the Republic of Ireland and Northern Ireland.

The Clear Group secured an investment from Goldman Sachs in 2022 to expand its reach into new markets through targeted mergers and acquisitions (M&A).

Mike Edgeley, group CEO of the Clear Group, said: “We are delighted to welcome One Commercial Speciality which will play an integral part in building our MGA proposition and help deliver better customer outcomes across a number of specialist lines of business. Dan and James have built a great business and we look forward to pulling together our different strengths and investing in their ambitious plans to provide a broader and enhanced proposition to brokers.”

Dan Mitchell and James Russell of One Commercial Speciality jointly said: “The investment which the Clear Group has made in our business will make a significant difference to our brokers and their clients. Clear is a great cultural fit and provides a stronger base for our business, and we look forward to working with the Clear management team to deliver an even more compelling proposition to our broker partners.”

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