Ardonagh
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The construction, leisure and commercial sector MGA will join the group’s Geo Specialty business.
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With a £3.6bn valuation for Ardonagh, Towergate’s rehabilitation is complete. -
The broking group prices a new $500mn debt issue.
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The restructure of finances also brings CDPQ in as debt provider and lines up a £300mn+ M&A war chest.
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The first signs are also emerging of distressed acquisition opportunities, the executive said.
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The group earmarks £30.4mn of cost savings, including an upcoming £10.6mn of additional efficiencies at its specialty unit.
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The broker’s margin climbs by 6.6 points while organic revenue expands 3 percent.
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The selling shareholder is Bermuda’s Primary Group.
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The insurer will become part of Ardonagh’s retail arm, which also includes Carole Nash and Swinton.
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HPS and Madison Dearborn are expected to keep the Irish broker separate from their far larger UK portfolio company.
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Confirmed lines of business for 2020 have capacity of more than £150mn.
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A third investor is likely to be added alongside HPS and Madison Dearborn.
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