Clear Group has reported revenue growth of 44% for the year ended October 31, 2025, alongside organic growth of 8.8%, as the insurance distribution business continued to build out its diversified platform across UK retail broking, MGA underwriting, London Markets, Ireland and its Brokerbility network.
Revenue rose to £134.0 million from £93.0 million the previous year, while adjusted EBITDA increased by 67% to £46.2 million from £27.7 million, lifting the group's EBITDA margin to 34.0% from 31.3%. Gross written premium rose to £819.3 million from £728.0 million.
The results come despite what the group described as a quieter year for acquisitions across the broking market generally, with Clear instead pointing to resilient organic growth, disciplined dealmaking, operational efficiency initiatives and continued investment in specialist capabilities, technology and talent.
Group chief executive Mike Edgeley (pictured) said the results reflected the disciplined execution of Clear's long-term strategy and the strength of the platform it has built, with continued investment in people, technology and client propositions alongside strengthened insurer partnerships.
"Importantly, we continue to deliver strong organic growth despite a more competitive market environment, reflecting both the quality of our people and the strength of our customer relationships," Edgeley said.
He added that the London Markets business had performed exceptionally well in its first full year within the group, with future focus on broadening capability and reach, attracting talent, and accelerating the group's technology and data agenda.
The MGA pillar delivered a strong year, with adjusted EBITDA up 33%, supported by continued investment in underwriting capability and insurer partnerships. Profile Risk Solutions and OCS were rebranded under the Shape Underwriting platform during the year, while the acquisition of Protect Underwriting added £11 million of Lloyd's-underwritten high net worth specialty business.
London Markets marked its first full year within the group following the acquisition of Lilley Plummer Risks, with revenue up 67% and adjusted EBITDA up 130%, aided by expansion into European and North American specialist lines. Headcount in the division grew from 38 to 71 across London and Cyprus.
In Ireland, the acquisitions of Phelan Caswell Insurance Services, including EBIB, and Sweeney Walsh & Associates added €13 million of gross written premium, a Dublin office and 19 employees. Brokerbility added three new member firms and expanded its Affiliate Partner programme to 15 partners, while the acquisition of Gauntlet Group in January 2026 brought a new Appointed Representative capability and 50 regionally based businesses into the network.
That AR expansion comes as the model faces its biggest regulatory shake-up in years. HM Treasury published a consultation on 12 February 2026 proposing to extend the Financial Ombudsman Service's jurisdiction so that ARs could, for the first time, become the direct subject of complaints and redress requirements, alongside a new requirement for principal firms to obtain explicit FCA permission before appointing ARs. The consultation closed on 9 April 2026, with the FCA and Treasury expected to confirm next steps in due course.
The proposals would represent the most significant legislative change to the AR regime in over two decades. Law firms including Skadden and DAC Beachcroft have advised principal firms and ARs to review their governance and oversight arrangements ahead of any legislative change. For a group expanding its AR footprint through deals like Gauntlet, the direction of that reform is likely to shape how the network is structured and supervised over the coming year.
Clear's continued acquisitions come against a broader slowdown in UK insurance distribution M&A. MarshBerry recorded just 13 UK distribution transactions in the year to early March 2026, below the longer-term average of 18.2 for the same period, following volumes of 151 and 152 in 2023 and 2024. That slowdown has fuelled speculation that some private equity-backed consolidators may look toward public listings as UK acquisition targets become scarcer, even as capital for the sector remains plentiful.
Taken together, a tighter deal market and a tightening AR regime point in the same direction for Clear: continued growth is likely to depend as much on how well it governs and integrates the platform it already has, particularly its expanding AR network, as on finding new businesses to acquire.
