Shape Underwriting, based in London, has made a significant move by acquiring Protect Underwriting LLP, a specialist in high-net-worth insurance. This acquisition is particularly notable as it is Shape Underwriting’s first since the company rebranded from Clear Group. The financial terms of the deal have not been revealed.
Mandy Hunt, the managing director of Shape Underwriting, expressed enthusiasm about the acquisition. She highlighted Protect’s strong underwriting skills and track record, noting that their commitment to quality aligns well with Shape’s goals. This partnership is expected to enhance Shape’s reach in the specialty insurance market.
Jonathan Rouse, managing partner at Protect Underwriting, shared his excitement about joining Shape. He believes this collaboration will allow Protect to invest more in its underwriting team and improve services for brokers.
In another development in the insurance sector, Optio Group, also based in London, announced its acquisition of Custodian Management Ltd., a UK firm specializing in professional indemnity insurance. Founded in 2013 by Zahid Naqvi, Custodian has built a strong reputation in the industry.
Optio Group did not disclose the financial details of this transaction, which is pending regulatory approval. The acquisition is seen as a strategic move to strengthen Optio’s professional indemnity offerings. Deepak Soni, CEO of Optio Group, noted that Custodian’s expertise and strong relationships with brokers make it a valuable addition to their portfolio.
Gary Head, Chief Underwriting Officer of Optio Group, praised Custodian’s consistent profitability and quality service. He looks forward to integrating Custodian into Optio’s operations.
Both acquisitions reflect a growing trend in the insurance industry, where companies are seeking to expand their capabilities and market presence through strategic partnerships.