MGA firm iprism has acquired Metier Underwriting.
The latter, officially named Metier Trading Limited (MTL), specialises in hard-to-place contractor liabilities in construction and are experienced in the leisure, events, and security industries.
The Lloyd’s coverholder is led by chief underwriting officer Stuart McAlister, who with Gaynor McAlister, established MTL in 2011.
Ian Lloyd, chief executive officer of iprism, 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.
He added: “MTL represents a good strategic partner for iprism. Its specialist markets compliment 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.”
The acquisition is iprism’s first, and follows a management buyout in November last year, led by Lloyd, CIO Raj Bosamia and CFO Manuela Roncalli. Lloyd has signalled his acquisitive intentions previously and the deal is expected to be the first of several.
