Bspoke Insurance Group Ltd (Bspoke Group) has announced that it is acquiring Miramar Underwriting Ltd (Miramar), subject to regulatory approval. It is the first acquisition by Leeds-based Bspoke Group since it rebranded in April.
London-based Miramar was founded by Jeff Turner and Tim Simpson in 2009 and operates as an MGU delegating authority to coverholders specialising in writing property owners’, non-standard residential, unoccupied property, and other commercial and residential property classes.
All staff will stay with the business post completion, and the London offices will be retained.
Commenting on the acquisition, Bspoke Group CEO Tim Smyth said: “This deal continues the excellent momentum we have made during the last six months, including our recent rebrand.”
“Miramar is a quality business with the particular kind of niche specialism that aligns with our strategy and will be an excellent fit for the Bspoke Group portfolio. I’ve known Jeff for 30 years and have the utmost respect for his underwriting expertise combined with an astute trading mindset.”
“He and the team enjoy long term, profitable relationships with their capacity providers and clients alike, which underlines the professionalism Jeff and the Miramar team brings to the business. I am confident that Miramar will be a great addition to the Bspoke Group and make a major contribution to our ambitious plans for growth. I am also delighted that Jeff will be joining the leadership team.”
Jeff Turner said: “Our discussions with Tim and Ryan (Gill), Chief Commercial Officer have been extremely positive and we have been impressed by the vision and strategy for the Bspoke Group, who we believe will prove excellent custodians for our brand, the team and our clients for the future.”
“The new investment from RCapital and Montague Investment Group has provided a strong platform to look ahead and deliver the plan, I am looking forward to the Miramar team playing our part in delivering the Bspoke Group’s long term aims.”
The consideration is undisclosed.