Gary Burke, Founder - iprism Unserwriting Agency Limited
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Livingstone Propels iprism into Purple Patch
November 2010
Livingstone Partners Business Services sector team advised the shareholder of iprism Underwriting Agency Ltd (‘iprism’) on the sale of a minority stake to funds advised by Magenta Partners LLP (‘Magenta’). Magenta are investing £7.5m into iprism.
iprism is an insurance intermediary providing new policies and renewals to brokers and direct customers, underwritten by its panel of insurers. iprism has developed an online platform that generates truly comparative quotes and full policy documentation in real-time. Brokers and customers can select their policy and buy it in minutes without referral back to the underlying insurers - revolutionising the speed and efficiency of both price testing and purchasing.
iprism’s secure and sophisticated platform has attracted household names such as AXA, Aviva, and LV to its panel of insurers. Over 1,000 brokers have signed up to iprism agency agreements, eager to benefit from the efficiency and high service levels iprism offers.
Founder Gary Burke was keen to find a co-investor to share in the exceptional growth that iprism is enjoying. Of Livingstone Director, Eleanor Wilkinson, Burke said: “Having advised me on the sale of my previous business, Home and Legacy, which we sold to Allianz for in excess of £50m, Eleanor was the first person to turn to once iprism had reached the right stage of development – I’m very glad I did, she and the Livingstone team added value throughout.”
Livingstone introduced a number of potential investors including Magenta, who advise trusts for Tom Singh (founder of retail chain New Look) and members of his family. Magenta seeks investment opportunities in high growth entrepreneurial businesses and has specific experience in e-commerce. They were particularly impressed with the iprism management team and the traction iprism has gained in a relatively short space of time. Chase Emson, Partner at Magenta, made the following comment: “Gary Burke has built a strong platform and a great management team. We are excited to be involved in an investment alongside him and we are looking forward to working with the management team during the next stage of iprism’s growth. We would like to thank Livingstone for the introduction and for steering the transaction to a successful conclusion.”
Wilkinson added “It was a pleasure to be working with Gary and his team again. I am confident that we have structured a deal that will benefit all and enable iprism to continue its market changing development.”
For further info contact:
Eleanor Wilkinson
T: 020 7484 4742
E: wilkinson@livingstonepartners.co.uk