Clear Group, the UK independent insurance broker that is owned by Private Equity at Goldman Sachs Alternatives, has entered the wholesale Lloyd’s broker space with the acquisition of Lilley Plummer Risks Ltd., a London-based marine and property specialist.
Financial details of the acquisition were not disclosed.
The deal is Clear’s largest acquisition to date in terms of gross written premium (GWP), and gives the group presence in the Lloyd’s market, complementing its specialist capabilities.
Clear said the acquisition significantly bolsters its wholesale proposition, adding an additional circa £150 million of GWP. Alongside its UK retail, Europe, Ireland, MGA and Network businesses, this strategic deal adds to the existing key pillars that the group has developed as part of its longer-term growth strategy.
Lilley Plummer provides UK and international brokers with access to Lloyd’s and the London market. The business has experienced rapid growth since its inception in 2019, evolving from its heritage as a leading marine specialist to a multi-class international wholesaler.
Lilley Plummer’s expansion into new lines and territories underlines the quality and capability of its team of 38 staff, under the leadership of CEO Stuart Lilley and Managing Director Dan Plummer, said Clear Group.
“This deal is transformational for us because it reinforces our long-term strategy, set out some time ago, to broaden our specialist capabilities, strengthen our wholesale business and bolster our Lloyd’s presence,” commented Mike Edgeley, group CEO of London-headquartered Clear Group. “We knew straight away that this was no ordinary broker, that their skillset perfectly complimented our strategy and so I am absolutely delighted to be welcoming Stuart, Dan and all the Lilley Plummer team to Clear.”
“Dan and I are proud of everything we’ve achieved with Lilley Plummer and grateful to our team and partners who made it all possible. Joining the Clear Group marks an exciting new chapter, and I’m confident that Lilley Plummer’s values and legacy will continue to thrive. Together we’ll build on past successes and explore new opportunities to create lasting value,” said Stuart Lilley, CEO of Lilley Plummer.
“Stuart and I were wholly focused on finding a partner that would put our people and clients first. We quickly saw the cultural and strategic synergies between our business and Clear’s,” according to Dan Plummer, managing director of Lilley Plummer.
“In Clear and with the backing of Goldman Sachs Alternatives, we have the right partners to support our ambitious growth plans as we continue to expand the strength and capabilities of the business and attract leading talent who want to be part of our exciting growth journey,” Plummer added.
Source: The Clear Group
Topics Mergers & Acquisitions Agencies Excess Surplus Lloyd's
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