While the financial terms of the transaction, Clear’s fourth MGA acquisition, were not disclosed, the deal represents a significant step in expanding their MGA offerings.
Founded in 2015, Accelerate Underwriting is a £19 million GWP MGA specialising in non-standard, niche commercial products, including care homes, guest houses, unoccupied properties, boats, and pleasure craft. The firm, which insures over 160,000 businesses and individuals, has access to both Lloyd’s and non-Lloyd’s capacity. The majority of its business is conducted through AcceleRATER, an online trading platform designed for non-standard insurance transactions.
Scott Brown, Managing Director of Accelerate Underwriting, along with his team of 10, will join The Clear Group and collaborate closely with Mandy Hunt, Managing Director of Clear MGA, to enhance the group’s MGA proposition for brokers. The team will continue to operate from their office on Fenchurch Street, London.
“This acquisition is a crucial milestone for Clear as we rapidly build a market-leading MGA proposition for brokers. Accelerate’s strong reputation among broker partners, supported by its specialised underwriting and technological capabilities, makes it an ideal fit,” said Mike Edgeley, Group CEO of The Clear Group, in a statement.
“Scott and his team have an impressive track record of delivering excellent service and achieving robust organic growth, further aligning Accelerate with Clear’s strategic goals,” Edgeley added.
Mandy Hunt, MD of Clear MGA, expressed enthusiasm about the acquisition, saying: “Scott and his team are a natural complement to our existing skills, and we’re thrilled to have them join us. Together, we will continue to strengthen our position in the MGA sector.”
Scott Brown, MD of Accelerate Underwriting, commented: “We were drawn to Clear’s dynamic strategy to build a strong, specialised MGA capability for brokers. Partnering with a company that shares our cultural values and future ambitions was essential, and Clear was the perfect fit. We are excited to work with our new colleagues and look forward to an exciting future together.”
