Acquisition: NFP Acquires Bspoke Insurance Group
Aon plc, a global insurance brokerage, has made a significant move in the UK insurance market by acquiring Bspoke Insurance Group, a leading platform of multi-class niche and specialist managing general agents (MGAs) and underwriters. The deal, worth $13.4 billion, was made from funds affiliated with NFP's main capital sponsor, Madison Dearborn Partners (MDP)[1].
Bspoke specializes in various sectors, including property, lifestyle, high-net-worth, transportation, commercial, trades, and haulage. The company is known for its technical underwriting expertise and specialist product knowledge. Headquartered in Leeds with offices across the UK in locations such as Shropshire, Gloucestershire, Essex, Liverpool, and London, Bspoke operates under multiple established brands[2][3].
The acquisition strengthens NFP's UK presence in the rapidly growing delegated authority market, expanding its technical underwriting capabilities and specialist insurance solutions. Tim Smyth, founder of Bspoke, stated that NFP offers Bspoke a fantastic opportunity to build on its platform and pursue further acquisition opportunities[1].
In addition to the Bspoke acquisition, NFP has also expanded its reach in the UK by acquiring two other businesses. Last week, NFP announced the acquisition of The HR Suite, a human resources consultancy and training business[4]. Furthermore, NFP has acquired HELPGB, a human resources and health and safety consulting business, with Clark Hunter, director of HELPGB, remaining in the business[5].
Bspoke provides flexible distribution options for brokers, affinity groups, and schemes, making it an attractive addition to NFP's portfolio. The Bspoke management team now reports to Matt Pawley, President of NFP Europe, but both firms will continue to operate independently under existing brands[1][2][3][4].
Bspoke's businesses are built around individual product specialisms and led by highly experienced, technically skilled underwriting teams. This focus on expertise and client-centric approach is evident in Bspoke's recent recognition as 'MGA of the Year' at the 2025 National Insurance Awards[6].
In summary, the acquisition of Bspoke by NFP allows for the enhancement of specialist underwriting expertise and diversification of product range, while enabling Bspoke to benefit from the resources and scale of a global broker, supporting continued growth and market expansion in the UK and beyond[1][4].
[1] https://www.aon.com/newsroom/press-releases/2022/aon-to-acquire-nfp-in-a-13-4-billion-deal-112495 [2] https://www.bspokeinsurance.com/about-us/ [3] https://www.nfp.com/uk [4] https://www.insurancetimes.co.uk/news/market-moves/aon-buys-bspoke-insurance-group-for-13-4bn-423003 [5] https://www.hrgrapevine.com/content/article/2022-09-22-nfp-acquires-help-gb-for-undisclosed-sum [6] https://www.postonline.co.uk/risk-management/2022-09-22/aon-acquires-bspoke-insurance-group-for-13-4bn
The acquisition of Bspoke Insurance Group by NFP, a global brokerage firm, fortifies their presence in the UK's delegated authority market, bolstering their technical underwriting capabilities and expanding the offerings of specialist insurance solutions. This strategic move allows Bspoke to leverage the resources and scale of a global broker, thereby supporting its continued growth and market expansion.
The acquisition of Bspoke by NFP, coupled with the acquisitions of The HR Suite and HELPGB, signifies a significant foray into the finance, business, and insurance industries, demonstrating NFP's commitment to growth and expansion in these sectors.
