Acquisition: NFP Acquires Bspoke Insurance Group
In a significant move, NFP, an international insurance brokerage and an Aon company, has announced the acquisition of Bspoke Insurance Group. The UK-based platform, specialising in niche and specialist managing general agents (MGAs), managing general underwriters, and specialist insurance distributors, was formed in 2022 through the merger of Precision Partnership Limited and UK General Insurance Group.
Bspoke Insurance Group, headquartered in Leeds and with offices in Shropshire, Gloucestershire, Essex, Liverpool, and London, offers coverage across various sectors including property, lifestyle, high-net-worth, transportation, commercial and trades, leisure, and haulage. The company provides flexible distribution options for brokers, affinity groups, and schemes.
Post-acquisition, NFP and Bspoke will operate independently, with Bspoke's management reporting to Matt Pawley, President of NFP Europe. All Bspoke businesses will continue under their existing brands. This acquisition is aimed at driving organic growth, attracting talent, and pursuing further acquisitions to maintain Bspoke's niche and specialist market focus.
Tim Smyth, the founding member of Bspoke, stated that the acquisition provides Bspoke with a platform to build on its success with the support of NFP’s resources for sustained growth and market leadership.
NFP's acquisition of Bspoke Insurance Group is part of a larger strategy to strengthen its presence in the UK’s specialist insurance market and expand its technical underwriting expertise and product knowledge. The acquisition was facilitated by funds affiliated with NFP's main capital sponsor, Madison Dearborn Partners (MDP).
In addition to the Bspoke acquisition, NFP has also announced the acquisition of HELPGB, a human resources and health and safety consulting business, and The HR Suite, a leading human resources consultancy and training business in Ireland. Dave Townsend, managing director of HELPGB, and Caroline Reidy, managing director of The HR Suite, will both report to Matt Pawley, President of NFP Europe.
This series of acquisitions reflects NFP's commitment to growth and expansion, positioning the company for continued success in the insurance and human resources industries.
[1] NFP Press Release [2] Bspoke Insurance Group Website [3] Insurance Business UK Article [4] Post Magazine Article [5] The HR Suite Website
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