Read The Times Australia

Daily Bulletin

Creation of Ardonagh Global Partners Following acquisition of AccuRisk Solutions LLC

  • Written by: PR Newswire Asia - Daily Bulletin Au RSS
  • 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: ardonagh@powerscourt-group.com

Contact:+44 (0) 20 7250 1446

Authors: PR Newswire Asia - Daily Bulletin Au RSS

Read more https://www.prnasia.com/story/archive/3332104_AE32104_0

Business News

How Businesses Can Prepare for Unexpected Power Outages

Power failures can occur quickly. The supply may be interrupted by bad weather, issues with the electricity network, damaged equipment or local construction work. This can be just a hassle for a fam...

Daily Bulletin - avatar Daily Bulletin

How Chatswood Tutoring Can Fit Into a Student’s Weekly Routine

Create a Predictable Weekly Structure A consistent weekly routine can make study easier to manage when students are balancing several subjects. Chatswood tutoring can provide a fixed learning point a...

Daily Bulletin - avatar Daily Bulletin

The Rise of Digital Marketplaces in the Australian Trade Sector

For decades, the Australian trade and construction sector operated almost entirely on word-of-mouth recommendations and local community networks. Small business owners typically relied on local newspa...

Daily Bulletin - avatar Daily Bulletin

How Immigration Lawyers Can Help

Introduction Visa decisions can shape employment, family life, study plans, travel, and future residence. A small omission can lead to delay, added expense, or refusal. Immigration lawyers assess l...

Daily Bulletin - avatar Daily Bulletin

How Industrial Drying Equipment Supports Efficient Processing

Many industrial processes require moisture to be removed from compressed air, products or process materials before they move to the next stage. Excess moisture can affect equipment performance, produc...

Daily Bulletin - avatar Daily Bulletin

Practical Ways a Whiteboard Can Improve Workplace Communication

Effective communication helps teams stay organised, share ideas and keep track of important information. While digital tools are now common in many workplaces, a whiteboard continues to provide a simp...

Daily Bulletin - avatar Daily Bulletin

Designing Eco-Friendly Custom Water Bottles for Your Next Event

The Evolution of Sustainable Event Merchandise Event planning has undergone a massive transformation over the last decade. Gone are the days when organizers could hand out cheap, single use plastic...

Daily Bulletin - avatar Daily Bulletin

Why Choosing a Professional Florist Melbourne Makes Flower Delivery Impactful

Flowers have a great power to speak when humans cannot express their feelings with right words. Flowers are the best gifts when you are celebrating a birthday or welcoming a newborn child into your fa...

Daily Bulletin - avatar Daily Bulletin

The Business Case for Choosing Australian Fabricators Over Imported Alternatives

For a long time, you might have defaulted to overseas suppliers when sourcing fabricated metal components for a project. The unit price was lower on paper, and the maths seemed straightforward. That...

Daily Bulletin - avatar Daily Bulletin

The Daily Magazine

Sydney Academy Partnership Targets Talent Development for Travel and Hospitality

VFS Global Academy’s Australian expansion will focus on practical skills and career development thro...

How Strategic Corporate Gifting Boosts Client Retention and Team Morale

As the calendar pushes towards the end of the year, business leaders across Australia begin evalua...

The Importance of Reliable Plumbing Services During Home Renovations

A freshly renovated bathroom can make an ordinary Monday morning feel a little more inviting. The ne...

Backyard Living Options for Campbelltown Homes: What Works Best?

You know that feeling at the end of a long, busy week when all you want is a calm spot outdoors, whe...

Smart Wardrobe Storage Ideas for Small Sydney Apartments and Bedrooms

A well-designed wardrobe is one of the most useful things a home can have. It's meant to keep clothe...

Colorbond Fencing in Australia: Costs, Colours, Rules and What Actually Lasts

Drive through almost any Australian suburb built in the last thirty years and you are looking at the...

Why Your Dental Clinic Is Not Getting Enough New Patient Bookings From Google

Introduction SEO for Dentist is not just about getting a dental clinic to appear somewhere on Goo...

Low Water Pressure in Sunbury: Is the Problem Inside Your Home or Outside It?

Low water pressure is one of those problems that can send a homeowner in the wrong direction. A we...

4 Beige Rugs for Beautiful and Comfortable Wooden Flooring

Wooden flooring already brings warmth and character to a room, but a beige rug can make that found...