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Cripps advises managing general agent iprism on acquisition

24 Nov 2022

Cripps’ corporate team has advised iprism, a managing general agent (MGA) that specialises in commercial, property, tradesman and high net worth insurance, on its acquisition of Metier Trading Limited.

iprism uses in-house technology to deliver a range of insurance products to UK brokers. It operates an innovative proprietary insurance brokerage platform, with support from a team of expert underwriters, to provide access to a range of specialist insurance products for commercial and private clients, all backed by a panel of UK-based rated insurers.

Metier Trading Limited, which trades as Metier Underwriting, is an underwriting agency that specialises in hard to place contractor liabilities in construction, and are experienced in the leisure, events and security industries.

This is the first acquisition iprism have undertaken since Cripps acted for the management team on the management buyout of iprism in 2021, and marks the next stage of the company’s ambitious growth strategy.

The Cripps team, which was led by John Kirkwood and also included Emma Storkey, advised on all legal aspects of the transaction. David Ellis of Azets provided corporate finance advice.

Commenting on the acquisition, CEO Ian Lloyd said “We have been in discussion with a number of potential partners as we look 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.”

Commenting on the legal support provided, Ian said “John and Emma were fantastic throughout the whole process, and their experience and responsiveness were highly appreciated. I look forward to working with the whole Cripps team as we continue to grow the business.”

To learn more about how Cripps can support your business on its growth journey, please contact a member of the corporate team.

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