MGA iprism acquires Lloyd’s coverholder, CEO says it’s ‘first of many’

iprism, a specialist commercial, property and high net worth MGA, has acquired specialist underwriting agency Metier Trading (MTL), trading as Metier Underwriting.

Metier 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. The acquisition of MTL was completed on September 30.

The acquisition is iprism’s first, and follows a management buyout in November last year, led by chief executive officer Ian Lloyd, CIO Raj Bosamia and CFO Manuela Roncalli. Lloyd has signalled that the deal is expected to be the “first of several”.

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 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.”

MTL’s CUO 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.”

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