Spring Partners (Holdings) Ltd announces its formation as a new Managing General Agent (“MGA”) platform.
Spring Partners is led by Jeremy Miles, CEO, and Russell Kilpatrick, Chairman, who have both held senior executive positions in leading insurance organisations. Spring Partners has been created to invest in existing MGAs and create new ones with like-minded entrepreneurial teams and people.
Russell Kilpatrick, Chairman of Spring Partners, commented: “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.
“We have the funding to invest in existing MGA platforms and can now announce our first acquisition, subject to regulatory approval: Neon Sapphire Underwriting Ltd (“Neon Sapphire Underwriting”) from Neon Holdings UK Limited. Neon Sapphire is a strong business which is performing very well in this challenging market. Nigel and the team have energy and ambition and we are relishing the opportunity to enhance these qualities to continue Neon Sapphire’s success.”
Neon Sapphire Underwriting was created in 2013 with the primary aim of providing the offshore community with local underwriting expertise. Neon Sapphire has thrived under the guidance of Nigel Brand, CEO, who has underwritten UK and offshore Professional & Financial Lines risks for over three decades. It is the intention to re-brand Neon Sapphire after completion.
Nigel Brand, Neon Sapphire’s CEO, said of the acquisition: “We are excited to have been acquired by Spring Partners with their deep understanding of the MGA space and their experience of organisational development. I have worked with Russell Kilpatrick in the past and am looking forward to replicating this successful working relationship within Spring Partners.”
Jeremy Miles, Spring Partner’s CEO, 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.”
Peter Blanc, Aston Lark Group CEO, added: “Aston Lark is delighted to be joint venture partners in the establishment of Spring Partners. I've always believed that being in partnership with talented individuals is a great route to success and the talent behind Spring Partners is clear to see. We look forward to seeing Russell and Jeremy build an exciting new venture in the MGA world and will lend them our full support along the journey."