Magenta successfully invested in iPrism, a technology-driven insurance underwriting agency, and exited with a profitable sale to Bowmark Capital in February 2014.

Information on the Target

iPrism was established in 2006 by Gary Burke and operates as an underwriting agency specializing in small and medium-sized enterprises (SME) corporate and high-net-worth (HNW) individual insurance policies. The foundation of iPrism's business model is its proprietary IT platform, which facilitates real-time connections between SME brokers and a panel of 15 underwriters. This innovative system includes a web-based price comparison engine encompassing 12 distinct product lines, thereby enhancing operational efficiency for brokers.

Furthermore, iPrism empowers brokers to directly provide their clients with competitive pricing options through a white-label website, which contributes to the transparency and accessibility of insurance products. This unique approach has positioned iPrism as a key player in the insurance sector, attracting significant interest from investors.

Industry Overview in Europe

The insurance industry in Europe is characterized by a mature and highly competitive landscape, where digital transformation is increasingly shaping operational models. The trend toward technology-driven platforms like iPrism is reflective of a broader shi