Creation of Ardonagh Global Partners Following acquisition of AccuRisk Solutions LLC
- Ardonagh Global Partners accelerates the international strategy of the Ardonagh Group
- Announces acquisition of AccuRisk Solutions LLC ("AccuRisk"), a US-based medical stop loss Managing General Underwriter (MGU)
- Following summer 2020 refinancing, to date Ardonagh has committed to invest £155 million in M&A
LONDON, April 6, 2021 /PRNewswire/ -- The Ardonagh Group ('Ardonagh' or the 'Group'), a Top 20 Global Broker with gross written premium in excess of $10 billion, today announces the launch of Ardonagh Global Partners ("AGP") and its first acquisition in the United States.
AGP's strategy is to invest in leading platforms operating in attractive markets and product verticals outside of the UK and Europe and will sit within Ardonagh's new International platform. By offering access to Ardonagh's commercial capabilities, management expertise and funding, AGP will become a partner of choice for best in class management teams.
AGP will be led by Des O'Connor, who ran a successful buy-and-build strategy as CEO of Bravo Group, the largest network of independent insurance brokers in the UK which became part of Ardonagh in 2020.
AGP has today agreed to acquire US healthcare and benefits underwriter AccuRisk in a joint venture with the Amynta Group. In addition to AccuRisk, AGP will oversee Resilium, Australia's largest independently owned intermediary network, and M&A specialist broker Hemsley Wynne Furlonge LLP, companies it acquired February and March 2021 respectively. All three acquisitions have been funded through the Group's committed acquisition facility.
Resilium is Australia's largest independently owned intermediary network and will act as the centrepiece of the Australian operations and allow Ardonagh to leverage opportunities for the wider portfolio within Australia.
Hemsley Wynne Furlonge is a specialist M&A insurance broker which structures bespoke insurance solutions for transactional risks, specialising in Warranty & Indemnity, Tax, Contingent Risk, and Environmental Indemnity products. With offices in London and Germany, the business has grown substantially since its launch in 2014.
AccuRisk is a Chicago-based MGU specialising in medical stop loss, occupational accident and supplemental health products for small and mid-sized businesses. The US medical stop loss market has rapidly expanded from $10 billion in 2010 to $24 billion in 2020, as employers look for alternatives to the fully insured market. AccuRisk has also expanded into the Captive and Ancillary service lines as these markets have significant growth opportunities in the US. The acquisition will allow Ardonagh to enter the strategically important US market which is the largest insurance market in the world.
In 2020, Ardonagh generated 9% of its Pro Forma Income of £836 million from its International platform from an almost standing start in 2019, demonstrating the rapid growth of this segment. The Group expects further substantial growth and investment in Ardonagh International over the next 12 months and beyond.
David Ross, Chief Executive of Ardonagh, commented: "The creation of Ardonagh Global Partners opens an exciting new chapter in our story with presence in three continents in addition to our global wholesale operations.
"With every acquisition, we aim to become a strategic partner to high quality businesses and management teams, leveraging our collective scale and expertise to build value for all concerned."
NOTES TO EDITORS
THE ARDONAGH GROUP
The Ardonagh Group Limited is a holding company and is not regulated. Various subsidiaries of the Group are regulated, as required, to conduct their business.
The Group is the UK's largest independent insurance broker powered by a network of over 100 locations across the UK and Ireland and a workforce of over 7,000 people.
Formed in 2017, Ardonagh today brings together best-in-class brands in specialist haulage businesses and vans, classic cars and motorcycles and private health insurance to UK SMEs.
The Ardonagh Group was established in 2017 with the backing of majority shareholders HPS and Madison Dearborn Partners, two blue chip US based private equity groups.
For more information, please contact: [email protected]
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SOURCE Ardonagh Group
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