MGA Iprism snaps up ‘good strategic partner’ with underwriting agency buy

Commercial and private client MGA Iprism has acquired specialist underwriting agency Metier Trading Limited (MTL) for an undisclosed sum.

MTL, which trades as Metier Underwriting, specialises in contractor liability cover for the construction sector. In addition to construction, MTL also has experience in the leisure, events and security industries. It works with reinsurers, the London market and is a coverholder at Lloyd’s of London.

The agency is led by chief underwriting officer Stuart McAlister, who established MTL in 2011 with co-founder Gaynor McAlister.

The deal completed on 30 September 2022 and signals Iprism’s first acquisition after its management buyout in November 2021. 

The management buyout was led by chief executive Ian Lloyd, chief information officer Raj Bosamia and chief financial officer Manuela Roncalli.

Collaboration

Speaking on the acquisition, 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.”

Stuart McAlister added: “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 [that] have supported Iprism and MTL to access new markets for their clients.”