The major moves in the insurance sector just keep coming – with Neon the latest to announce a significant acquisition.
The Lloyd’s market specialist has swooped for Guernsey-based MGA Sapphire Underwriters – picking up the firm from Heritage Group.
Sapphire is a Lloyd’s coverholder that provides directors & officers, cyber coverage and professional indemnity cover to both UK and local offshore brokers and clients. When the deal is complete, its branding will change to Neon Sapphire and it will continue to have underwriting capacity provided by a range of Lloyd’s syndicates.
“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,” said Nigel Brand CEO of Sapphire.
“We have been struck by the energy and ambition at Neon and look forward to the next stage of our development. While 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.”
“I am thrilled that we have agreed to acquire Sapphire,” added Martin Reith, group chief executive. “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.”
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