London-based specialist insurance firm Neon Underwriting has agreed to acquire managing general agent (MGA) Sapphire Underwriters from Heritage Group.
The acquisition is expected to expand the international footprint of Neon.
Sapphire is a Lloyd’s Coverholder which provides professional indemnity, directors & officers and cyber coverage to UK and regional offshore brokers and clients.
Neon says that Sapphire is strongly placed in the offshore market, having local presence and excellent service.
Sapphire CEO Nigel Brand said: “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.”
“We have been struck by the energy and ambition at Neon and look forward to the next stage of our development. Whilst 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.”
As per Neon group CEO Martin Reith, the disciplined approach of Sapphire to underwriting will provide the company with valuable local presence needed for the offshore market.
Reith added: “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.”
Upon completion of the acquisition, Sapphire Underwriters will be rebranded as Neon Sapphire. It will continue to retain underwriting capacity provided by a various Lloyd’s syndicates that includes Neon.
In late March, Neon launched its marine and offshore construction consortium to address the growing bespoke insurance requirements of shipyard clients.
Image: Neon Underwriting to purchase Sapphire Underwriters. Photo: courtesy of stockimages/Freedigitalphotos.net.