Tue, 27 Aug 2024 | BUSINESS SALE
London-based independent insurance broker Clear Group has continued its expansion with the acquisition of a broker based in Leatherhead. The acquisition of R T Waters Limited adds further depth to Clear Group’s capabilities in the South East of England.
Established in 1960, R T Waters has expertise in motor, commercial and liability risks and will bring a wealth of expertise and long-term client relationships into Clear Group’s growing South East business.
The company’s seven-strong team, led by Managing Director Trevor Hayter, will join Clear Group following the acquisition, with Hayter saying that the deal would enhance his company’s client offerings and present new opportunities for its staff.
Hayter commented: "This is the right time for us to join forces with the Clear Group as we look to enhance our client proposition. The Clear Group also offers our staff opportunities to develop and flourish by being part of a fast growing insurance business with an exciting future."
Clear Group stated that the deal reflects its approach of providing support and investment opportunities to smaller brokers in the UK. Group CEO Mike Edgeley (pictured above) also emphasised the strong alignment between the two companies.
Edgeley said: "The R T Waters team are well known to us and we are delighted this long-established business, led by an excellent management team, has joined Clear at this exciting time. Both our businesses are culturally aligned; sharing the same values of doing the right thing for our staff and clients."
The deal continues the busy acquisitive expansion that Clear Group has pursued since it was founded in 2001. The group said last year that it was ramping up its M&A growth strategy, having secured backing from Goldman Sachs in 2022.
The R T Waters deal continues its recent expansion in the South East, with the group announcing the acquisition of the book and assets of Southend-on-Sea-based fleet and property insurance specialist Maynard Milton Insurance Services last month.
While activity levels remain high, the pool of available broker targets in the UK insurance sector is thought to be drying up following years of consolidation
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