Wholesale managing general agent iprism has completed its acquisition of specialist underwriting agency Metier Trading Limited (MTL), formally known as Metier Underwriting.
The deal marks iprism’s first acquisition following a management buyout in November 2021. Ian Lloyd, chief executive officer of iprism, previously expressed his strong intentions to grow iprism through acquisitions, with the swoop for MTL expected to be “the first of several.”
“We have been in discussion with a number of potential partners as we look to grow both organically and through acquisition,” Lloyd said. “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,” Lloyd added. “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.”
iprism stands to benefit from MTL’s specialisation in hard-to-place contractor liabilities in construction and experience in the leisure, events and security industries.
The Lloyd’s coverholder is led by chief underwriting officer Stuart McAlister, who co-founded MTL with Gaynor McAlister in 2011.
“From our early discussions with iprism, it became clear that we both shared the same management values and vision in developing broker relationships,” McAlister said. “By becoming an integrated partner of iprism this will allow the brokers who have supported iprism and MTL to access new markets for their clients.”