Insurance and reinsurance specialist Neon has acquired a Guernsey-based managing general agent (MGA) Sapphire Underwriters, as it builds an international footprint in offshore re/insurance markets.
Neon acquired Sapphire from its current owners Heritage Group. Following completion of the acquisition, the MGA will operate under a brand of Neon Sapphire, with its capacity provided by a range of Lloyd’s syndicates including Neon itself.
Martin Reith, Group Chief Executive of Neon, commented on the acquisition; “I am thrilled that we have agreed to acquire Sapphire. Its disciplined approach to underwriting will provide us with valuable local presence for the offshore market. Neon continues to focus on profitable growth and this acquisition reflects that strategy. I look forward to working with Nigel to continue building the business as part of Neon.”
Sapphire is a Guernsey-based MGA with Lloyd’s Coverholder status and a strong presence in the offshore insurance market. It provides Directors & Officers, Professional Indemnity and Cyber risk insurance coverage to UK and local offshore brokers and clients.
Nigel Brand, CEO of Sapphire, stated; “We are excited to join Neon, who have supported us since we were established in 2013. Sapphire was founded to support offshore clients who needed London Market underwriting skills alongside a local presence.
“We have been struck by the energy and ambition at Neon and look forward to the next stage of our development. Whilst we will continue to retain the principles upon which we were founded, we now have access to the support we need to continue our growth and further enhance our offering for clients, brokers and carriers.”
Richard Tee, Group Chief Executive of Heritage Group, added; “We are delighted to have found such an excellent home with Neon for Nigel and the Sapphire team. We will continue to work closely with them both in this new phase of Sapphire’s growth and the realisation of its potential.”