Clear Group has acquired Spence Insurance, an independent broker based in Scotland's Central Belt, as it continues its efforts to boost its presence in the UK commercial broking market.
Spence Insurance specialises in commercial insurance. The business has deep roots in the local community, with the Spence family involved in the industry for 50 years and operating from its Bathgate premises for more than 15 years.
The acquisition marks another step in Clear Group’s strategy to expand its footprint in key regional markets while partnering with established, client-focused businesses. The company has completed over 40 deals since inception, building specialist capabilities in areas such as marine, property, construction and veterinary risks.
Under the terms of the deal, Spence Insurance will continue to operate from its Bathgate office, ensuring continuity for clients while gaining access to Clear Group's wider placement options and support.
“Spence Insurance is a highly respected broker with strong local relationships and a clear focus on commercial clients," said Mike Edgeley, group CEO of Clear Group. "This acquisition strengthens our presence in Scotland and aligns with our strategy of partnering with high quality businesses that share our commitment to client service.”
The move continues an active period for Clear in both retail and wholesale distribution.
In 2024 the broker made its largest acquisition to date by gross written premium with the purchase of Lloyd’s broker Lilley Plummer Risks, adding around £150 million of GWP and a stronger London market presence. It has since added further specialist and regional brokers, including a UK veterinary-focused intermediary in early 2026.
For Spence Insurance, joining a larger group provides access to a broader panel of insurers, data and placement tools at a time when capacity, pricing and terms for many UK commercial lines remain under pressure from inflation, supply chain disruption and elevated claims trends.
Independent regional brokers across the UK have increasingly turned to scale partners to secure market access and investment in technology while trying to preserve local service.
Broker M&A remains a defining feature of the UK distribution landscape, even as overall deal volumes ease from the peaks of 2021 to 2023. Recent market reports have highlighted the UK as the most active insurance M&A market in Europe, with broker consolidation a primary driver of activity.
According to data compiled by advisory firms, while the number of UK distribution deals in 2025 ran below the 150-plus transactions recorded in both 2023 and 2024, smaller regional acquisitions continue to dominate. Many of these involve private equity-backed platforms seeking bolt-on deals in specific geographies or niches, rather than large transformational mergers.
Clear’s partnership with Goldman Sachs has put it firmly in the group of well-capitalised buyers.
Since that investment, the broker has evolved from a mid-sized UK retail player into a multi-line organisation of more than 1,000 staff across the UK and Ireland.
