The Clear Group has today announced its acquisition of Coventry and Bedford-based HIA International and Amersham-based Luker Rowe Chartered Insurance Brokers, as the latest step in its strategy to acquire well-run and profitable broking firms, and attract brokers to its Brokerbility network. Over the past five years, Clear Group has doubled in size and now handles £225 million in premiums.
HIA International, which was established in 1996, has a strong capability in property owners’ insurance and also provides services designed to meet the insurance needs of businesses and individuals providing professional pet care services. The brokerage has a strong track record with growing revenues of over £1.9 million per annum.
The existing management and wider team will all remain with HIA International, working closely with Clear to integrate the business. The integration will include the relocation of its Coventry office to the Clear operation in Leamington Spa, while a small team will continue to work from the HIA office based in Bedford.
Commenting on the acquisition, Nick Newbold, MD of HIA International, said the deal will enable HIA to further develop its business and provide a clear career path to staff. HIA has long-established credibility in its business sectors, he said, and now its clients “will also benefit from Clear’s wider offering and expertise."
Luker Rowe, meanwhile, which began trading in 1989, has a team of 40 who provide a range of business and personal insurance services totalling GWP of £18 million, with revenues in excess of £3 million per annum. The broker has provided insurance for the audiovisual and events industry for more than 30 years and is a member of the National Outdoor Event Association, providing insurance for its event professionals. The management team and staff, led by principal Chris Luker and MD John Dunn, will remain with the business.
“The Clear Group is a great cultural fit for our staff and provides a stronger base for our business,” said Dunn. “We are really excited about the opportunities that being part of the Clear Group now presents to our team and clients.”
Executive chairman of the Clear Group, Howard Lickens (pictured) noted that the group has known both teams for many years and is confident they will make a “seamless transition” to the Clear Group. Both brokerages have expertise in areas including property, pet and event insurance, he said, which will enhance Clear’s own capability for operating in niche markets.
“These deals, once again, demonstrate the flexibility and attraction of our business model,” he said, “which provides brokers with real choice in the future direction of their business. This can be through a soft succession option or through membership of the Brokerbility network.”