Neon has agreed to acquire Guernsey-based MGA Sapphire Underwriters in a bid to grow its international presence, the Lloyd’s carrier announced last week.
Sapphire, which is being bought from Heritage Group, is a Lloyd’s coverholder providing directors’ and officers’, professional indemnity and cyber coverage to UK and local offshore brokers and clients.
The terms of the transaction were not disclosed.
Following completion of the deal, the carrier said that the business will operate under the Neon Sapphire brand and continue to have underwriting capacity provided by a range of Lloyd’s syndicates, including Neon.
Sapphire was founded in 2013 with support from Neon to support offshore clients who needed London market underwriting skills alongside a local presence and is led by CEO Nigel Brand.
Commenting on the announcement, Neon group chief executive Martin Reith said: “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.”
Neon was rebranded from Marketform last June following the completion of a strategic review of the business.