Clear Group’s Shape Underwriting Acquires HNW Specialist Protect
Shape Underwriting, the London-headquartered managing general agent, has acquired Protect Underwriting LLP, a specialist MGA in private client high-net-worth business.
Financial details of the deal were not disclosed.
This transaction marks Shape Underwriting’s first acquisition since its rebranding and reinforces its ambition to become a leading force in the specialty market, the company said. (Clear Group, the independent intermediary, announced this month that it had rebranded its managing general agency division to “Shape Underwriting.”)
Mandy Hunt, managing director of Shape Underwriting, commented: “Protect brings exceptional underwriting expertise and a strong track record. Their focus on quality and sustainable growth fits perfectly with our strategic direction. This acquisition marks a significant step in Shape’s evolution and broadens our reach.”
“We are excited to join Shape Underwriting. This partnership will allow us to invest in our underwriting team, matching our growth plans and deliver ongoing improvements to our broker service with greater access to our underwriters,” said Jonathan Rouse, managing partner at London-based Protect Underwriting LLP.
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MGA Optio Group Buys UK Professional Indemnity Specialist, Custodian Management
Optio Group, the London-based independent specialty MGA platform, announced it has acquired Cranleigh, UK-based Custodian Management Ltd.
Financial details of the transaction, which is subject to regulatory approval, were not disclosed.
Founded in 2013 by managing director Zahid Naqvi, Custodian Management Ltd. has grown to become a respected and successful professional indemnity (PI) and management liability specialist, Optio said in a statement.
With a clear focus on underwriting profitability, Custodian Management has navigated market cycles with confidence and resilience, consistently delivering strong results for its capacity providers, Optio said, noting that the deal will enhance its existing PI proposition and is a further significant step in its ambition to create a diversified platform.
“Custodian’s established underwriting expertise, strong broker relationships and robust capacity support make it a natural strategic fit within Optio’s growing portfolio,” commented Deepak Soni, CEO of Optio Group.
“This transaction builds on the momentum of our ongoing strategy targeting high-quality, niche specialty MGAs globally, underscoring our commitment to strategic growth, underwriting excellence and client-focused solutions,” Soni added.
Gary Head, CUO of Optio Group, said: “Zahid and the team are an outstanding fit for Optio, having consistently delivered sustainable profits for their insurer partners in a specialised area of the market. They combine first class broker service with responsive, flexible and profitable underwriting. We very much look forward to welcoming them onboard.”
In addition to its strategic investment in Italian MGA, Heca S.r.l., previous Optio acquisitions include: Norwegian-based MGA S Insurance AS, Netherlands and-Brussels based MGA Den Hartigh and Luxembourg-based Circles Group (pending regulatory approval).
Insurance Advisory Partners (IAP) acted as the exclusive financial adviser for Optio on this transaction.
Topics Mergers & Acquisitions Underwriting Insurance Wholesale
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