Iprism expands property portfolio with MGA acquisition

Iprism has acquired SK Underwriting as it looks to bolster its capabilities in the property lines market, a statement released today (25 September 2023) said.

Kent-based SK Underwriting was founded in 1999 and offers a range of commercial products – principally focused on property – to the small and medium sized enterprise (SME) sector.

The deal came after Iprism chief executive Ian Lloyd said he wanted to grow his business organically and through acquisition following its management buyout in 2021.

And he said that purchasing the managing general agent (MGA), which is backed by A-rated UK-domiciled capacity, would provide “mutual benefits”.

“SK’s property underwriting experience will bolster our own capabilities, whilst providing them access to new broker teams and business opportunities,” Lloyd added.

People moves

The deal will see all existing SK staff remain with the business.

Colin Johns, founder and managing director, will also stay with the business as a consultant for 12 months.

“Colin Johns and his team have built a strong business, which complements Iprism’s market appetite and expertise,” Lloyd said.

“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.”