An insurance intermediary has announced the acquisition of a fast-growing niche schemes broker based in Winchester.

The Clear Group has acquired CoverMarque Ltd, a broker that specialises in insurance for temporary marquee structures.

The acquisition is part of the Clear strategy to expand its specialist capabilities across its retail broking business.

CoverMarque Ltd, established in 2003 by managing director and founder Nick Drew, has grown its schemes business by more than 120 per cent in the past four years.

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CEO of the Clear Group Mike Edgeley (Image: Laurence Jones) Mr Drew and his team will join forces with Clear’s retail business as it continues to broaden its specialist capabilities.

Clear said that its scale and influence in the market will support CoverMarque Ltd's ambitions as it looks to capitalise on significant growth opportunities, which include providing event and fleet insurance solutions for its clients.

Mike Edgeley, CEO of the Clear Group, said: "CoverMarque Ltd ticks all the boxes in what we look for in a business which can support our growth ambitions.

"It’s a fast-growing, entrepreneurial-led firm, which has carved out a distinctive position in the market for being a real specialist in its field.

"There is significant opportunity for Nick and his team to thrive within Clear as they look to expand their specialist offering to clients."

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Mr Drew said: "Clear has an outstanding reputation for backing specialist businesses so we are delighted that we have found the ideal partner for CoverMarque Ltd.

"It’s particularly important that we continue to offer our clients the exceptional service and innovative solutions which have been the foundations of our success to date.

"With Clear’s support, we are well positioned to grow even faster, particularly as we look to expand into new markets."