Leeds-based managing general agent Bspoke Group has successfully acquired 100% of the share capital of Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI) from The Royal London Mutual Insurance Society’s Police & Forces Mutual for an undisclosed sum.
Chief executive Tim Smyth (pictured), whose camp is backed by RCapital Partners LLP and MIG Partners LLP, hailed the importance of the transaction for Bspoke Group.
Smyth commented: “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.”
Under the deal, McMahon White will come on board the executive team at Bspoke Group.
The swoop for PMHC and PMGI brings a substantial portfolio – approximately 250,000 general insurance policies and about 16,000 healthcare policies – to Bspoke Group, propelling the MGA into the mid-tier among its peers.
“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,” Smyth went on to say. “We do not intend to fall into the trap of chasing volume over profit.
“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.”
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