Published 26th Apr 2023, 16:45 BST

The rebrand comes after both were subject to a private equity buyout last year, when Rcapital Partners LLP acquired a majority stake in the groups.

Montague Investment Group also took a minority stake in both groups.

The new Bspoke Group comprises Bspoke Underwriting (formerly UK General Insurance), Bspoke Lifestyle (formerly Binnacle Insurance Services) and Bspoke Commercial (formerly One Commercial).

Bspoke Group chief executive officer Tim Smyth,

Provego and One Commercial Specialty will also operate under the Bspoke Group banner, but will retain their own branding.

The firms will operate under the leadership of Group chief executive officer Tim Smyth, and chairman Lord Marland.

Commenting on the new brand and structure, Mr Smyth said: “We have been working hard since the acquisition to get the Group in the best possible position for substantial and profitable growth. The Group currently underwrites more than £100m GWP with plans to grow both organically and through an acquisition strategy fully supported by our shareholders.

“In the last five months of trading since the business was acquired, our commercial insurance businesses have grown organically by 10 per cent and the pace of this growth is accelerating.”

Mr Smyth noted that the group has an “appetite for growth” through acquisition where strategic aims are met.

Multiple insurance firms set for rebrand under Leeds-based Bspoke Group banner following private equity buyout