Bspoke Group has completed the acquisition of the personal lines elements of the Police & Forces Mutual businesses, Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI), from The Royal London Mutual Insurance Society Limited (Royal London).
Bspoke Group, which is backed by private equity investors RCapital Partners LLP & MIG Partners LLP, has acquired 100% of the share capital of the two businesses. The consideration is undisclosed.
Tim Smyth, Bspoke Group CEO said the acquisition is a ‘game changer’ for the Leeds-based MGA. “This is a high quality, well managed book of business which is both profitable and with high retention rates. We also access an experienced, well-respected 140-strong team, led by Kerry McMahon White, Managing Director, and Phil Hall, Commercial Director.”
Tim said 250,000 general insurance policies and c16,000 healthcare policies now transfer to Bspoke Group, bringing the business into the mid-tier of UK MGAs. He confirmed that Kerry McMahon White will join the Bspoke Group executive team, reporting to him.
“We have aspirations to continue to grow, but our overriding aim is profitable growth and delivering a great return to our insurer partners and our investors. We do not intend to fall into the trap of chasing volume over profit.”
Tim said that he was keen to explore more deals in the niche and specialist schemes space, although he expected to deliver the right balance of inorganic and organic growth. “Our portfolio of niche businesses is well-placed to build their market presence.”
“We have already seen a significant uptick in organic growth since we rebranded last year, and I am confident that we’ll be able to maintain this trajectory in 2024, which is already promising to be an exciting year for MGAs in general, and Bspoke Group in particular.”