Neon, the specialist Lloyd’s insurer, has acquired Sapphire Underwriters from Heritage Group for an undisclosed price.
In acquiring Sapphire, Neon (formerly Marketform) is getting a UK-based Lloyd’s coverholder that provides Directors & Officers, Professional Indemnity and Cyber coverage to UK and local offshore brokers and clients.
The deal announcement also notes that Sapphire has a strong position in the offshore market.
Once the sale is complete, plans call for rebranding the business as Neon Sapphire, and it will continue to have underwriting capacity provided by a number of Lloyd’s syndicates, including Neon.
Sapphire CEO Nigel Brand noted that Neon has supported Sapphire since it launched in 2013. He said the firm looks forward to growing with its new corporate parent, even as it continues with its founding principles.
“We now have access to the support we need to continue our growth and further enhance our offering for clients, brokers and carriers,” Brand said in prepared remarks.
Neon Group CEO Martin Reith said that Sapphire adds to the company a “valuable local presence for the offshore market.”
“Neon continues to focus on profitable growth and this acquisition reflects that strategy,” Reith said in prepared remarks.