Iprism, the specialist Construction, Property, Commercial and High Net Worth MGA, has acquired Metier Trading Limited (MTL), trading as Metier Underwriting, a specialist underwriting agency.
Metier Underwriting specialises in hard-to-place contractor liabilities in construction and is experienced in the leisure, events, and security industries.
The Lloyd’s coverholder is led by Chief Underwriting Officer Stuart McAlister, who, along with Gaynor McAlister, established MTL in 2011.
The acquisition is Iprism’s first and follows a management buyout in November last year, led by CEO Ian Lloyd, CIO Raj Bosamia, and CFO Manuela Roncalli. Lloyd has previously signalled his acquisitive intentions, and the deal is expected to be the first of several.
Iprism’s Chief Executive Officer Ian Lloyd said:
“We have been in discussion with a number of potential partners as we look to grow both organically and through acquisition. The business is continuing to deliver strong performances in renewal retention and new business, so the organic part of the strategy is on track.
“MTL represents a good strategic partner for Iprism. Its specialist markets complement and supplement our own in equal measure. Stuart and Gaynor McAlister have led the business with determination and purpose, and I am looking forward to working closely with them as we continue our efforts to grow in a sustainable way, whilst remaining committed to the principles that have collectively brought us to this position.”
MTL’s Chief Underwriting Officer Stuart McAlister said:
“From our early discussions with Iprism, it became clear that we both shared the same management values and vision in developing broker relationships.
“By becoming an integrated partner of Iprism, this will allow the brokers who have supported Iprism and MTL to access new markets for their clients.”
The acquisition of MTL was completed on 30th September 2022 for an undisclosed fee.
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