Clear Group Bolsters London Wholesale Presence with Commercial Risks and Troon Underwriting Acquisition

Clear Group has acquired London-based specialist broker Commercial Risks (UK) Ltd and its MGA, Troon Underwriting, significantly expanding its wholesale footprint in the Lloyd’s market. For fintech and insurtech professionals, this move signals a continued consolidation of technical liability expertise and delegated underwriting authority as independent brokers seek scale to navigate increasingly complex risk environments.

What was announced

The acquisition brings Commercial Risks (UK) Ltd and its Managing General Agent (MGA), Troon Underwriting, into the Clear Group fold. Founded in 2002, Commercial Risks is a London Market insurance broker with over 25 years of experience in placing complex and specialist risks into Lloyd’s and other company markets. The firm operates primarily in the wholesale sector, acting as a bridge for UK-wide insurance brokers to access dedicated London Market capacity.

The deal includes a team of seven people led by James Osman. Commercial Risks brings a diverse portfolio of expertise, covering sectors such as Commercial Combined, Contractors’ Risks, Casualty, and Professional Risks. It also maintains a presence in niche areas including Property Owners’, Education, Care, and Sports, Leisure, and Entertainment. The business is predominantly wholesale-focused, though it also retains a selective retail broking portfolio.

Crucially, the acquisition includes Troon Underwriting, which operates under several delegated underwriting authorities as an approved Lloyd’s Coverholder. This addition strengthens Clear’s internal MGA capabilities and its ability to develop solutions for risks that require expertise beyond the conventional composite market. Joining Clear is intended to provide the Commercial Risks team with access to the Group’s broader infrastructure and resources while enabling the business to maintain its specific London Market focus and develop its relationships with broker partners and insurers.

"Commercial Risks has always been built around specialist London Market expertise, strong relationships and finding solutions for risks that are difficult to place in the conventional market. Joining Clear gives us the opportunity to build on that foundation while benefiting from the scale, infrastructure and resources of a larger independent group. It will allow us to broaden our capabilities while retaining the expert-led approach and personal relationships that have always been central to the business."

James Osman, Managing Director of Commercial Risks.

The companies involved

The Clear Group, which operates online at clearinsurancemanagement.com, has established itself as a significant independent player in the UK insurance broking landscape. The group has pursued a strategy of combining organic growth with targeted acquisitions to build out specialist capabilities across various sectors. Its focus on the London wholesale market has been a primary driver of its recent expansion efforts, aiming to provide its wider broker network with enhanced access to complex risk solutions and Lloyd’s capacity.

Commercial Risks (UK) Ltd is a specialist London-based broker that has spent more than two decades navigating the intricacies of the Lloyd’s market. By operating as a wholesale partner for other brokers, it has carved out a niche in handling "hard-to-place" risks that require technical liability expertise. Its subsidiary, Troon Underwriting, functions as the group’s MGA arm. As a Lloyd’s Coverholder, Troon Underwriting possesses the authority to underwrite risks on behalf of Lloyd’s syndicates, providing a streamlined route to capacity for its broker partners. This dual structure of broking and underwriting allows the firm to manage the entire lifecycle of specialist insurance products for its network.

What FF News has reported before

FF News has previously tracked Clear Group’s efforts to modernize its internal operations to support its growth strategy. In January 2024, the publication reported that The Clear Group selects AutoRek to support digital transformation. This partnership was aimed at automating complex financial data management and regulatory reporting processes. As the group continues to integrate specialist brokers like Commercial Risks and MGAs like Troon Underwriting, the implementation of robust financial control systems becomes increasingly vital. Such digital transformation initiatives are often the backbone of successful M&A strategies in the insurance sector, ensuring that newly acquired entities can be onboarded onto a centralized, scalable platform without disrupting client service or compliance standards.

What this means

This acquisition highlights a broader trend in the insurance market where mid-tier independent brokers are under pressure to secure "hard" capacity through MGA structures and Lloyd’s Coverholder status. By bringing Troon Underwriting in-house, Clear Group is not just buying a client list; it is acquiring the technical authority to write business, which is a significant competitive advantage in a volatile risk environment. The move puts pressure on smaller wholesale brokers who lack the scale to invest in similar infrastructure. It also raises questions about how many independent specialist MGAs will remain as larger groups continue to consolidate these technical pockets of expertise to bolster their own market leverage.