Shape Underwriting has finalized its acquisition of Protect Underwriting LLP, a specialist underwriting firm with a strong track record in the high-net-worth private client sector. The financial terms of the transaction were not disclosed.
This acquisition marks Shape Underwriting’s first major strategic move since its rebranding earlier this year, a step aimed at reinforcing its position in the specialty insurance market. As part of this rebranding effort, the company introduced a refreshed logo and refined messaging to better reflect its long-term ambitions.
Protect Underwriting, recognized for its robust underwriting performance and established market reputation, will significantly enhance Shape’s capabilities in the high-net-worth space. The acquisition is expected to broaden Shape’s portfolio, strengthen its market reach, and deepen its client relationships.
The transaction also highlights the ongoing consolidation within the UK Managing General Agent (MGA) sector. Merger and acquisition (M&A) activity in this space has remained resilient throughout 2025, driven by both strategic and financial investors. Established insurers are increasingly pursuing specialty offerings to diversify their portfolios, while private equity firms remain active backers of scalable, data-driven underwriting platforms.
Market analysts anticipate continued deal activity in the MGA sector, particularly in areas like personal lines, cyber, and specialty commercial, where MGAs often outperform traditional carriers in underwriting agility and profitability.
Recent notable transactions include Bishop Street Underwriters’ acquisition of Landmark Underwriting in February.
