Announcement: Clear Group acquires BHIB Insurance Brokers and Brokerbility Holdings Ltd
We are delighted to announce that Clear Group has completed the acquisition of Brokerbility Holdings Ltd (comprising BHIB Insurance Brokers Ltd, Churchill Insurance Consultants Ltd, the Brokerbility Network, Brokertech and Brokerbility Information Gateway).
The deal has created a group that is one of the UK’s largest independent insurance broking, risk management and technology businesses, managing annual premiums in excess of £200m and employing over 400 staff.
On behalf of the BHIB management team, we are thrilled to join forces with Clear. The Clear Group share our values of technical excellence, client care and attention to detail and together we have the collective size and strength to advise on, manage and service insurance programmes for clients across all business sectors, as well as building greater resilience into our own business.
At an operational level, we will continue to trade from our current offices with the same personnel, but as part of a larger group we will have access to wider market reach and resource to ensure our clients continue to receive the highest quality guidance and insurance solutions in a challenging economic and business environment.
We expect that you will see very little change on a day to day level, but as a valued client we wanted to share this great news with you. We will also continue to be a member of Brokerbility, a highly respected national alliance of independent insurance brokers, leading the way in driving up standards of technical skill and professionalism within the UK insurance market.
Regarding the deal, Ashwin 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.”
Ian 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.”
Clear will lead the integration of the businesses with Ashwin Mistry and Ian Stutz joining the Clear Group Board and Clear directors joining the boards of the Brokerbility companies. As long-term members the businesses are already very closely aligned and Clear’s previous successful acquisition of MPW and Morrison shows how well the businesses will work together to support all stakeholders – clients, employees, investors, vendors and of course regulators.
The Clear Group comprises Clear Insurance Management Ltd, Morrison Insurance Solutions and MPW Insurance Brokers. Established in 2001 the business employs over 260 staff across six locations and handles premiums in excess of £140 million. The business has a particular strength in the areas of property owners, construction, legal indemnities and professional risks.
Howard Lickens, CEO of Clear said: “This is a brilliant deal for Clear and everyone involved with Brokerbility, BHIB and Churchill. 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.”