The Clear Group, a chartered insurance broker that arranges business insurance and home insurance for various sectors, has completed a new investment from Goldman Sachs Asset Management.
The refinancing will also allow the group to drive further investment in innovation, technology and people to deliver more insurance solutions and services.
Through its partnership with ECI, the Clear Group now employs more than 600 insurance professionals across 15 locations, handling over £330 million of gross written premiums.
“This deal signals confidence in our business, our strategy, our ambition and in the long-term direction of the market sector in which we operate,” said Group CEO Mike Edgeley.
“It’s a real endorsement that Goldman Sachs has seen the value in our company and is keen to back us as we put the next phase of our strategy into action. I’d like to take this opportunity to thank the ECI team for the support they have given us during our partnership, enabling us to treble the size of our business.”
Founder and Executive Chairman Howard Lickens also commented: “It has been a pleasure to work with ECI during the last four years, which have been transformative for CLEAR, and we are well positioned for future growth in this new partnership with Goldman Sachs. They are an experienced investor within insurance and will allow us to continue to deliver our M&A strategy and provide more clients with the levels of service we’re known for.”
“Clear Group is a fantastic business with a distinctive culture that make it a standout in the commercial broker market,” added Paul McCreadie, Partner at ECI Partners.
“It’s been a pleasure working with Mike, Howard, and the whole Clear team during our partnership and we look forward to watching them continue their growth trajectory with their new investor. We’d like to thank them for all their hard work and wish them all the success for the future.”
Michele Titi-Cappelli, Head of EMEA Financial Services Private Equity, and Mihir Lal, Managing Director, within Goldman Sachs Asset Management, further stated, “We are excited to invest in Clear Group and partner with the Management team, led by Mike Edgeley. Clear Group has a strong reputation in the market and a track record of partnering with like-minded brokers.”
“We look forward to leveraging our extensive track record of investing in insurance and financial services businesses, and the Goldman Sachs Value Accelerator’s operating, sector, and digital experts, to support the team in the next phase of growth, whilst maintaining Clear Group’s unique culture and value proposition.”
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.