CLARK Group, a global InsurTech, has acquired British start-up Anorak as it continues to expand its presence in the UK market.
The CLARK Group is on a mission to build Europe’s biggest financial advisor.
The InsurTech offers a mobile app through which customers can manage their insurance in the most convenient way.
Founded in 2017, Anorak is a fully automated life insurance advice platform. The online broker uniquely provides bespoke, unbiased and regulated advice, putting the interests of the user first.
CLARK Group said the transaction enables it to grow further and strengthens its presence in the important UK market.
The CLARK Group is represented in the UK market by Candid, a Bristol-based InsurTech. With the brands Tom, Polly and Winston, Candid is a fast-growing life and protection business in the UK with and has shown triple digit year on year growth since entering the protection market as a distributor.
According to CLARK Group, Anorak is the perfect fit to complement the brand portfolio and an addition to the digital broker journey of Candid.
Christopher Oster, CEO and co-founder of the CLARK Group, said, “With this acquisition CLARK Group is taking a big step closer to its ambitious growth targets. Our goal is to become the largest insurance broker in Europe. Candid and Anorak joining forces is a promising basis for the growth of our joint ventures. We see big potential in the UK market for the CLARK Group.”
Matt Edwards, CEO of Candid, added, “Anorak has a fascinating proposition that I have been following for some time. The founders have been early movers in the inevitable digitalisation of the protection market and have brought the first fully automated and regulated online advice path to market, an amazing achievement. Anorak’s technology and brand will greatly strengthen our protection proposition and accelerate our growth plans in the UK market. We are truly excited to welcome Anorak to the Group.”
In spite of an uncertain and turbulent year, several key acquisitions in the insurance and InsurTech sector took place in 2022. FinTech Global covered some of the key ones to watch.
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