Clear buys Morrison in largest deal to date

Deal

Acquisition increases Clear's GWP to £135m.

Clear Insurance Management has bought fellow Brokerbility member Morrison Insurance Solutions for an undisclosed sum, Insurance Age can reveal.

The broker explained that Morrison, which is based in Alcester, Warwickshire, is its largest acquisition to date and brings its gross written premium to £135m.

The Morrison office is Clear’s second location in the Midlands, and the broker stated that it is planning to expand further in this area.

Specialism
Morrison, which specialises in property owner insurance, was established in 1989, and the existing management and wider team, led by managing director Ian Millard, will remain with the business.

Clear, founded in 2001, now employs over 250 staff across six locations. The broker has recently bought MPW Insurance Brokers, Emson Corporate Services, Robert Alexander and Genavco Insurance.

It explained that the combined business will have a strong focus on the property owner and construction sectors.

Last July, Clear secured a refinancing deal with ECI Partners. At the time, the business said that the new investment would enable it to continue to grow the business across niche SME markets as well as make further acquisitions.

Strategy
Howard Lickens, chief executive officer of Clear, commented: “We have been friends with the team at Morrisons for many years and are delighted that they have now joined us. 

“Ian and his team will now play an important part in our strategy as we continue to grow across our niche lines of business and in the region. ECI’s support is enabling us to make further quality acquisitions of brokers that share our vision and culture.”

Millard added: “Becoming part of Clear is a great move for our staff and clients. It was by far the best home for Morrison Insurance Solutions, where Howard and his team have built a successful business whilst retaining their values and independence as a broker.

“Their expertise in property owners business and other niches will undoubtedly be a major boost as we seek to continue our success and indeed expand our presence in these areas.”

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