Creation of Ardonagh Global Partners Following acquisition of AccuRisk Solutions LLC
PR88846
LONDON, April 6, 2021 /PRNewswire=KYODO JBN/ --
-- 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
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: ardonagh@powerscourt-group.com
Contact:
+44 (0) 20 7250 1446
SOURCE: Hologram Sciences, Inc.
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