Thomson Snell & Passmore advises on transaction

In a significant move within the insurance sector, Clear Group has acquired Newman Pearce & Partners LLP (NPP), enhancing its offerings in the wholesale market. Thomson Snell & Passmore served as legal advisors to the partners of NPP throughout the transaction. NPP, established in 2019 by Gordon Newman, Neil Pearce, and Colin Rogers, operates as an independent Lloyd’s wholesale broker, providing essential broking services for retail brokers and coverholders seeking access to the Lloyd’s market. With its headquarters in London, NPP has developed considerable expertise in multiple areas including Global Specialty, International Liability, Construction, Offshore Marine Liability, and Specialist Property.

The firm has built a strong international profile, with around 95% of its portfolio sourced from overseas markets. NPP's primary territories include Canada, Australia, and the United States, supplemented by distribution relationships in Turkey, Africa, and India. The business has seen substantial growth recently, positioning itself as a formidable player in the market.

The acquisition by Clear Group, which also operates Lilley Plummer Risks Ltd, notably enhances the organisation's specialist capabilities and broadens its international reach, especially into territories such as Canada and Australia. Following the acquisition, NPP will continue to operate from its London office while maintaining its focus on supporting retail broker and coverholder partners.

Neil Pearce, CEO and co-founder of NPP, expressed excitement over the merger, stating “Since founding the business in 2019, we've focused on building a specialist Lloyd's wholesale broker with strong technical expertise and international reach. Joining Clear represents an exciting next chapter, giving us access to additional resources while preserving the entrepreneurial culture and specialist focus that have underpinned our success. We look forward to working with our new colleagues to continue delivering exceptional service for our broker partners and clients.”

Jason Varney, Partner in the Corporate M&A team at Thomson Snell & Passmore, led the transaction and noted the significance of the deal, saying “This deal was a pleasure to work on and highlights the breadth and strength of our Corporate M&A team and wider commercial group, as well as our experience advising on transactions in the insurance sector. NPP has built an impressive specialist business with an outstanding reputation in the Lloyd’s market and a truly international reach. It was a pleasure to support the partners on this important transaction, and we wish the whole team every success as they continue their growth journey as part of the Clear Group.”

Colin Rogers, CEO and co-founder of NPP, expressed gratitude towards the legal team, commenting “I would especially like to thank the legal team at Thomson Snell & Passmore. Their help and support was much appreciated in bringing this deal to fruition. They were straightforward and concise, with strength in depth and always available when needed. I doubt we could have found better. They were a pleasure to work with.” This successful transaction emphasizes the increasing collaboration between insurance firms and legal advisors to navigate a complex marketplace.