Bspoke Insurance Group (Bspoke Group), which is backed by private equity investors RCapital Partners LLP & MIG Partners LLP, has swooped for the personal lines elements of the Police & Forces Mutual businesses - Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI).
In a release, Bspoke Group confirmed that it will acquire 100% of the share capital of the two businesses, subject to regulatory approval, from The Royal London Mutual Insurance Society Limited (Royal London).
Commenting on the acquisition, Bspoke Group CEO Tim Smyth highlighted the reputation of PMHC and PMGI in the market.
“With a 150-year history, PMHC and PMGI are both highly regarded and trusted names within the police and military sectors, and we are thrilled to have secured their purchase,” Smyth said. “This type of specialist product fits perfectly within the Bspoke Group portfolio. It was always our intention to combine organic growth with acquisitions where they have a clear strategic fit to our long-term aims.”
Royal London UK distribution director Siobhan Barrow said the company chose Bspoke Group for having the right strategic and cultural fit and recognising the heritage of the businesses.
“We are delighted to have reached agreement with Bspoke Group on this transaction on the general insurance and healthcare elements of the Police and Forces Mutual businesses,” Barrow said.
The deal with Royal London is Bspoke Group's second acquisition under the new brand and follows the acquisition of Miramar Underwriting Ltd.
Commenting on Bspoke Group's recent expansion, Smyth said: “It's a hugely significant deal for Bspoke Group which continues our recent substantial growth in the MGA sector. We are taking on a well-run, highly respected business that enjoys a loyal customer base with very high persistency and an experienced, respected team who really know their customers and appreciate the value of high-quality service.
“This is a great time to be a well-capitalised MGA. Large insurers and mainstream players have pulled out of certain lines to focus on core products. This has created a white space for tech-enabled MGAs like Bspoke Group to step into and fill the gap.”