Specialist commercial, property and high net worth Managing General Agent (MGA) iprism, has acquired property focused MGA, SK Underwriting Limited for an undisclosed fee.
SK Underwriting was formed in 1999 and it is based in Kent. It offers a range of Commercial small and medium-sized enterprises (SMEs) products, principally focused on property.
It is backed by ‘A’ rated, UK-domiciled capacity and all existing staff will remain with the business. This includes SK founder and Managing Director, Colin Johns, who will remain with the business as a consultant for 12 months.
This acquisition is the second by iprism; in September last year it acquired Metier Underwriting.
The company’s Chief Executive Officer Ian Lloyd has previously signalled his desire to grow the business organically and through acquisition following iprism’s management buyout in 2021.
He commented: “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 has been transparent and positive from the start. I see this as a hallmark of how we do business, and a marker for future acquisitions.”
