Leicester entrepreneur sells insurance group to major industry player
Leicester-based Brokerbility Group has been sold to major insurance player Clear Group.
CLEAR, based in London, comprises Clear Insurance Management, 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 £140m. The business has a particular strength in the areas of property owners, construction, legal indemnities and professional risks.
Brokerbility Holdings, which was set up by Leicester entrepreneur Ashwin Mistry, is the parent company of BHIB Insurance Brokers and Churchill Insurance Consultants; the Brokerbility Network, Brokertech and Brokerbility Information Gateway (BIG), the software solutions provider and IT platform, which distribute wholesale products across the Brokerbility network.
This latest deal represents the 27th broker acquisition made by CLEAR since it was established in 2001 and now means the group handles over £200M in premiums and employs over 400 people across 10 offices.
Brokerbility Group will be led by Ian Stutz, CEO, Mistry will continue as chairman of the 27 member strong Brokerbility Network.
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”.
Mistry 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.”
Stutz 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.”
The Board of Brokerbility Holdings was advised by IMAS Corporate Finance, Browne Jacobson and Cooper Parry Group.
