iprism completes second acquisition with SK Underwriting purchase

iprism, the specialist Construction, Property, Commercial and High Net Worth MGA has announced the acquisition of property focused MGA, SK Underwriting Limited for an undisclosed fee.

Kent-based SK Underwriting was formed in 1999 and offers a range of Commercial SME products, principally focused on property. It is backed by ‘A’ rated, UK-domiciled capacity and all existing staff will remain with the business. SK founder and Managing Director, Colin Johns, will remain with the business as a consultant for 12 months.

The acquisition is the second by iprism; in September last year it acquired Metier Underwriting. CEO Ian Lloyd signalled his desire to grow the business organically and through acquisition following iprism’s management buyout in 2021.

iprism’s Chief Executive Officer Ian Lloyd said:
“Colin Johns and his team have built a strong business which complements iprism’s market appetite and expertise. We see mutual benefit in this acquisition; SK’s property underwriting experience will bolster our own capabilities, whilst providing them access to new broker teams and business opportunities.”

“We’re an open and honest business partner and the discussion with Colin and the SK team have been transparent and positive from the start. I see this as a hallmark of how we do business, and a marker for future acquisitions.”