NFP, part of Aon, has acquired Bspoke Insurance Group, a company that operates in the niche market of managing general agents and underwriters. 

Financial terms have not been disclosed. 

With its headquarters in Leeds, Bspoke has a network of offices across the UK, including locations in Shropshire, Gloucestershire, Essex, Liverpool and London.  

The group was established in 2022 following the merger of Precision Partnership with UK General Insurance Group.  

Bspoke offers insurance products to sectors such as commercial enterprises, haulage and transportation, high-net-worth individuals, leisure, lifestyle, property and trades. 

Bspoke’s operational model, which emphasises IT and data, allows it to function in a similar way to a virtual insurer, encompassing capabilities from sales and underwriting to pricing and business intelligence.  

Bspoke will retain its operational independence, with its management team integrating into NFP’s European structure under the leadership of NFP Europe president Matt Pawley.  

The existing brands within Bspoke will continue to operate without changes to their identities. 

Pawley said: “I am excited to welcome the talented team at Bspoke to NFP. With their industry experience, diverse range of specialist solutions and customer-centric approach, they have driven exceptional growth and client retention.  

“The Bspoke team will strengthen our existing suite of insurance solutions while expanding our technical underwriting expertise and specialist product knowledge.” 

Bspoke founder Tim Smyth stated: “NFP offers Bspoke a fantastic opportunity to build on the platform we have developed over the past two years.  

“With NFP’s support, we can drive strong organic growth, attract top talent and pursue further acquisition opportunities to sustain Bspoke as a leading niche and specialist player with a relentless focus on meeting dynamic client needs.” 

Last month, NFP acquired US-based Levine Group, which provides insurance and investment management.