The Ardonagh Group (‘Ardonagh’ or the ‘Group’), has announced the launch of Ardonagh Global Partners (“AGP”) and its first acquisition in the United States.
AGP’s strategy is to invest in platforms operating in attractive markets and product verticals outside of the UK and Europe and will sit within Ardonagh’s new International platform.
AGP will be led by Des O’Connor, who ran a buy-and-build strategy as CEO of Bravo Group, the network of independent insurance brokers in the UK which became part of Ardonagh in 2020.
AGP has 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 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.
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 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,” he added.
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