Guernsey-based Lloyd's coverholder Sapphire Underwriters has agreed a change of hands, and will be acquired from Heritage Group by specialist Lloyd's insurer Neon.
Sapphire provides directors & officers, professional indemnity and cyber coverage to UK and local offshore brokers and clients. Its local presence means it has a strong position in the offshore market.
Following completion of the deal, it will operate under the 'Neon Sapphire' brand and continue to have underwriting capacity provided by a large range of Lloyd's syndicates, including Neon.
Neon have supported Sapphire since the latter was established in 2013 to support offshore clients that needed London market underwriting skills alongside a local presence.
Chief Executive Nigel Brand was excited to be joining Neon.
"We have been struck by the energy and ambition at Neon and look forward to the next stage of our development," he said. "Whilst we will continue to retain the principles upon which we were founded, we now have access to the support we need to continue our growth and further enhance our offering for clients, brokers and carriers."
Neon Group Chief Executive Martin Reith was equally as thrilled with his company's acquisition, highlighting its disciplined approach to underwriting that would provide a valuable local presence for the offshore market.
"Neon continues to focus on profitable growth and this acquisition reflects that strategy," he said. "I look forward to working with Nigel to continue building the business as part of Neon."
Heritage Group Chief Executive Richard Tee was pleased to have found such an excellent new home for Mr Brand and his team with Neon.
"We will continue to work closely with them both in this new phase of Sapphire's growth and the realisation of its potential," he added.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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