This latest deal brings greater depth to a specialism which closely complements Clear’s core commercial offering - one which is particularly relevant in today’s economic landscape - with UK insolvencies at a 30 year peak.
Based in Lichfield, Rycroft supports UK and Europe businesses to obtain competitive trade credit insurance products, facing whole of market. In doing so, the business has helped many UK firms continue to trade, by protecting them against bad debts and invoice credit risk. (The number of insurance payouts to help businesses survive bad debts rose by 23% in the first half of 2023, a five year high according to figures from Association of British Insurers (ABI).)
The Rycroft business comprises a team of seven Trade Credit experts, led by director Steve Parsons. The team will work closely with our retail businesses to bring credit solutions to our commercial customer base and drive growth in this valuable capability. Rycroft currently controls £6.6m GWP.
Mike Edgeley, Group CEO: “We’re delighted to welcome the Rycroft team to Clear. Steve and his team bring a wealth of experience and knowledge of the credit insurance market, which adds tremendous strength to a specialist vertical as we continue to build and enhance our offering to our commercial customer base. Our deal with Rycroft exemplifies our continued strategy to support and invest in like-minded brokers with real sector expertise.”
Steve Parsons, Director at Rycroft: “'We are delighted to be joining the Clear Group and look forward to playing our part in its exciting growth journey. It was important that we chose a business which understood the strength of our offering, one which is committed to investing in adjacent capabilities and placing value to the customer at the very heart of its proposition. Clear was the outstanding choice in this regard.”
