Aston Lark launches new MGA Spring Partners; unveils first acquisition
A new managing general agent (MGA) platform Spring Partners, a joint venture of Goldman Sachs-backed broker Aston Lark, has been launched with an aim to invest in and create new MGAs.
Led by CEO Jeremy Miles and chairman Russell Kilpatrick, the new company has also unveiled its first acquisition in the form of Neon Sapphire Underwriting from Neon Holdings UK.
Neon Sapphire Underwriting was created in 2013 with the primary objective of providing local underwriting expertise to the offshore community. The company's CEO Nigel Brand is said to have underwritten UK and offshore professional & financial lines risks for over three decades.
Miles and Kilpatrick see Neon Sapphire as a "strong business which is performing very well in this challenging market", and plans to rebrand the business after completion.
“We are delighted to have made our first acquisition," said Miles. "Neon Sapphire is a business that we believe in very strongly which is already demonstrating good levels of growth delivered by a great team. This first acquisition is a testament to our desire to search out and acquire already successful MGAs which have significant growth potential."
Kilpatrick noted that the new company has the funding to invest in existing MGA platforms.
He said: “We are excited to be launching Spring Partners, aligning quality capacity with high grade underwriting professionals who are finely tuned to deliver underwriting profits that will form the bedrock of our business.
“We have been focused on a number of acquisitions and team lifts that will endorse our platform as a high value destination for entrepreneurial individuals."
Nigel Brand, Neon Sapphire CEO, said: “We are excited to have been acquired by Spring Partners with their deep understanding of the MGA space and their experience of organisational development. I have worked with Russell Kilpatrick in the past and am looking forward to replicating this successful working relationship within Spring Partners.”
Peter Blanc, Aston Lark Group CEO, added: “Aston Lark is delighted to be joint venture partners in the establishment of Spring Partners. I've always believed that being in partnership with talented individuals is a great route to success and the talent behind Spring Partners is clear to see. We look forward to seeing Russell and Jeremy build an exciting new venture in the MGA world and will lend them our full support along the journey."