Neon acquires Guernsey MGA Sapphire Underwriters
Specialist Lloyd's insurer Neon has reached an agreement to acquire Sapphire Underwriters from Heritage Group.
Sapphire is a Guernsey-based Lloyd’s coverholder providing directors and officers (D&O), professional indemnity (PI) and cyber coverage to UK and local offshore brokers and clients. Sapphire has a strong position in the offshore market.
Following the transaction, 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.
"We are excited to join Neon, who have supported us since we were established in 2013," said Nigel Brand, CEO of Sapphire. "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."
Martin Reith, group chief executive of Neon, commented: "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. I look forward to working with Nigel to continue building the business as part of Neon."
Richard Tee, group chief executive of Heritage Group, said: "We are delighted to have found such an excellent home with Neon for Nigel and the Sapphire team. We will continue to work closely with them both in this new phase of Sapphire’s growth and the realisation of its potential."
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