The newly launched company announced its first acquisition in the form of Neon Sapphire Underwriting
Newly launched Spring Partners to acquire Neon Sapphire Underwriting. (Credit: Pete Linforth from Pixabay)
A new managing general agent (MGA) platform called Spring Partners (Holdings) Ltd has been launched with an aim to invest in existing MGAs.
UK-based insurance broker Aston Lark is one of the joint venture partners of the new company.
Led by CEO Jeremy Miles, Spring Partners will also engage in establishing new MGAs by partnering with like-minded entrepreneurial teams and people.
Miles and the company’s chairman Russell Kilpatrick are said to have held senior executive positions in major insurance organisations.
Kilpatrick 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.”
The new company is said to have the funding to make investments in existing MGAs. In line with this, the company announced its first acquisition in the form of Neon Sapphire Underwriting from Neon Holdings UK for an undisclosed price.
Neon Sapphire Underwriting was established in 2013 with the primary objective of providing local underwriting expertise to the offshore community.
The company’s CEO Nigel Brand is claimed to have underwritten UK offshore professional and financial lines risks for more than 30 years.
Spring Partners plans to re-brand Neon Sapphire Underwriting after closing the acquisition, which will be subject to regulatory approval.
Miles said: “We are delighted to have made our first acquisition. 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.”