Ardonagh
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The $350mn follow-capacity solution will cover cargo, specie, terror, financial products, healthcare and marine. -
The acquisitive broker looks to compete with PE houses through its new platform.
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CEO David Ross said that new working practices had proved hugely effective and would fundamentally alter the City of London.
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The unit achieved £10mn in 2020 revenue and has offices in the UK and Germany.
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The broking network will be the UK group's Australian centrepiece, says CEO David Ross.
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The acquisition will sit within the group’s advisory segment alongside the Towergate regional network.
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This publication previously reported the retail broker would change hands for more than £250mn.
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Also: take-aways from 1 January renewals, AIG tightens reins on cyber, and more.
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Entering reinsurance will be tough, but Ardonagh’s latest project is no surprise
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Revenue rose 2.2% on an underlying basis at the broking group.
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The acquisition of the motorbike insurance specialist completed in August.
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Bravo and Arachas acquisitions add £45.6mn of adjusted Ebitda on a pro-forma basis.
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