Wholesale managing general agent iprism has closed the acquisition of specialist underwriting agency Metier Trading Limited (MTL), which is trading as Metier Underwriting.

The transaction represents first acquisition for iprism following a management buyout in November 2021.

By working with re-insurers The London Market and Lloyd’s of London, Metier Underwriting provides underwriting solutions to markets.

The firm is engaged in providing hard to place contractor liabilities in construction and is experienced in the leisure, events and security industries. 

Iprism CEO Ian Lloyd said the firm has been in discussion with several potential partners as the company intends to grow both organically and through acquisition.

“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.”

Financial terms of the transaction were undisclosed.

MTL chief underwriting officer Stuart McAlister said: “From our early discussions with iprism, it became clear that we both shared the same management values and vision in developing broker relationships.

“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.”

In August 2022, iprism expanded its MGA’s distribution channels by adding its Tradesman, Contractors and Professionals product to the Acturis trading platform.

The move allows more brokers to access core product of iprism, backed by ‘A’ rated insurers, through the software house platform.