UK-based insurance broker the Clear Group has secured an undisclosed investment from Goldman Sachs Asset Management.

The insurance intermediary plans to use the investment to support its growth strategy, which includes expanding into new markets by acquiring ‘high-quality’, ‘well-managed’ brokers.

Clear Group will also invest the proceeds in technology, innovation and team to offer more insurance solutions and services to its clients.

Currently, the firm employs over 600 insurance professional across 15 locations and handles over  £330m in gross written premium (GWP).

Goldman Sachs Asset Management head of EMEA financial services private equity Michele Titi-Cappelli and managing director Mihir Lal said: “Clear Group has a strong reputation in the market and a track record of partnering with like-minded brokers.

“We look forward to leveraging our extensive track record of investing in insurance and financial services businesses, and the Goldman Sachs Value Accelerator’s operating, sector, and digital experts, to support the team in the next phase of growth, whilst maintaining Clear Group’s unique culture and value proposition.”

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Goldman Sachs will acquire a stake in the Clear Group. This comes following Clear Group’s four-year partnership with ECI Partners. Clear Group CEO Mike Edgeley said: “This deal signals confidence in our business, our strategy, our ambition and in the long-term direction of the market sector in which we operate. It is a real endorsement that Goldman Sachs has seen the value in our company and is keen to back us as we put the next phase of our strategy into action.”