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 established 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 as a consultant for 12 months.
This marks Iprism’s second acquisition, following the purchase of Metier Underwriting in September last year. CEO Ian Lloyd had signalled intentions to grow both organically and through acquisition after leading a management buyout in 2021.
Ian Lloyd, Chief Executive Officer at Iprism, 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, while providing them access to new broker teams and business opportunities.
We’re an open and honest business partner, and discussions 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.”
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