Clear Insurance Management has bought Kent-based MPW Insurance Brokers, its largest acquisition to date.
The acquisition brings Clear's total premiums to more than £90m.
Based in Maidstone, Kent, MPW is an established chartered commercial broker, which started in 1986.
Clear Insurance had previously acquired 20 companies before the transaction with MPW Insurance.
Clear Insurance Management CEO Howard Lickens said MPW will play an integral part towards our strategic goal of achieving £30m in revenue by 2020.
Lickens added: “The business has real expertise in the construction space, which will enhance our own capability for operating in niche markets. We will continue to actively seek further acquisition opportunities in 2017, being very interested in talking with brokers which match our vision and culture.”
MPW's annual revenues as per Clear Insurance are more than £3.5m.
MPW Insurance Brokers managing director Andy Webb said: “Becoming a significant part of Clear is great news for our staff and our clients and will enable us to secure and further develop our business.
“We have great respect for the Management team at Clear and have worked closely with them on various projects and the fact that we are both Chartered and members of Brokerbility evidences a similar culture and ethos.”
In spite of the acquisition, MPW staff will carry on to be headed by Andy Webb and his senior management team.
The staff of over 30 people will be retained as well and expected to work together with Clear Insurance employees to pursue business growth and opportunities.
Image: Clear Insurance has acquired MPW Insurance Brokers. Photo: courtesy of adamr/ FreeDigitalPhotos.net.