The Clear Group, the London-based unbiased dealer, introduced it has acquired the e-book and property of credit score insurance coverage dealer Rycroft Associates LLP and its sister firm and appointed consultant, Encourage Credit score Administration Ltd., a delegated authority specialist.
The corporate was bought from Rycroft homeowners Karl Toogood, Steven Hallworth and Steve Parsons. Monetary particulars of the transaction weren’t disclosed.
Based mostly in Lichfield, Rycroft helps UK & Europe companies to acquire aggressive commerce credit score insurance coverage merchandise. In doing so, the enterprise has helped many UK corporations proceed to commerce, by defending them towards unhealthy money owed and bill credit score danger, mentioned Clear Group in a press release.
Encourage Credit score is a delegated authority specialist and an appointed consultant for Rycroft. It gives commerce credit score insurance coverage, particularly for UK SME clients, which Clear Group describes as a singular facility out there. Encourage is backed by its long-term capability associate Atradius, an Amsterdam-based commerce credit score re/insurer.
Clear Group famous that the variety of insurance coverage payouts to assist companies survive unhealthy money owed rose by 23% within the first half of 2023, a five-year excessive, in accordance with the Association of British Insurers (ABI).
The Rycroft enterprise contains a crew of seven commerce credit score specialists led by director Steve Parsons. The crew will work intently with Clear’s UK, Eire and Europe retail companies to deliver credit score options to the dealer’s industrial buyer base. Rycroft at present controls £6.6 million (US$8.4 million) in gross written premiums (GWP).
This newest deal brings larger depth to a specialism which intently enhances Clear’s core industrial providing – one which is especially related in at present’s financial panorama – with UK insolvencies at a 30-year peak, Clear Group mentioned.
“We’re delighted to welcome the Rycroft crew to Clear. Steve and his crew deliver a wealth of expertise and information of the credit score insurance coverage market, which provides great power to a specialist vertical as we proceed to construct and improve our providing to our industrial buyer base,” commented Mike Edgeley, group CEO of the Clear Group. “Our cope with Rycroft exemplifies our continued technique to help and spend money on like-minded brokers with actual sector experience.”
Supply: The Clear Group
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