Shape Underwriting has completed the acquisition of Protect Underwriting LLP, a specialist underwriting business with expertise in the high-net-worth private client sector.
Financial terms of the deal were not disclosed.
The move marks Shape Underwriting’s first acquisition since its rebranding earlier this year, which aims to strengthen the company’s presence in the specialty insurance market. As part of the rebranding, the company has introduced a new logo and updated messaging to better align with its long-term goals.
Protect Underwriting is known for its strong underwriting performance and market reputation in the private client high net worth sector. The acquisition is expected to enhance Shape’s capabilities in this area, expanding its portfolio and customer base.
“Protect brings valuable underwriting expertise and a solid track record. Their focus on sustainable growth aligns well with our strategic direction, and this acquisition represents a significant step in broadening our reach,” said Mandy Hunt, managing director of Shape Underwriting.
Meanwhile, Protect Underwriting managing partner Jonathan Rouse said that the partnership with Shape will allow the company to invest in its underwriting team and improve its broker service with wider access to its underwriters.
The transaction adds to a broader trend of consolidation across the UK MGA market. M&A activity in this segment has remained steady in 2025, with dealmaking driven by a mix of strategic and financial buyers. Established insurance groups are looking to expand their specialty offerings and distribution channels, while private equity investors continue to back MGAs with scalable models and data-led underwriting approaches.
Market observers expect further deal activity in the MGA space in the months ahead, particularly in segments such as personal lines, cyber, and specialty commercial, where MGAs continue to demonstrate underwriting profitability and agility compared to traditional carriers.
Recent months have seen a flurry of MGA acquisitions in the UK, including Bishop Street Underwriters’ acquisition of Landmark Underwriting in February.
