Ardonagh
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Myron Steves and Bass accounts to move across to Ardonagh’s wholesale broking start-up. -
David Ross nears a deal which would value one London's largest MGAs at 11x Ebitda.
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Gordon Newman will lead the merged group.
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Diane Cougill had been working as an adviser at the company for several months.
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Ex-Lloyd’s CEO to head speciality and international segment, as well as MGAs.
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Former Tysers and RKH broker David Barrie will lead the new intermediary
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The process looks set to value business at upwards of £180mn, or 12x Ebitda.
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The bidders are likely to include Aviva, Axa, Allianz and RSA.
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The group has successfully executed on the business plan it was formed under, says ratings company.
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The group has reported Q1 growth in all business units except its MGA.
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The insurance group bolsters the leadership of its motor broking businesses.
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The Ardonagh Group has posted pro-forma adjusted Ebitda growth of 20.3 percent to £161.5mn ($230mn) for 2017.
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