Ardonagh adds ‘high-growth’ broker and MGA to the fold
UK insurance intermediary Ardonagh Group's SME broking platform Ardonagh Advisory has added high net worth broker Stanhope Cooper, and MGA Renovation Underwriting to the group, following an earlier agreement to acquire a majority shareholding in the businesses.
Under the agreement, Ardonagh has acquired a shareholding in N&W Investments, which holds Stanhope Cooper, Renovation Underwriting, and also the businesses, Insurance Tailors and Porterhouse Brokers.
Based in Petersfield, Stanhope Cooper was founded in 2006 and provides insurance and risk management advice to HNW private clients and business owners.
Ardonagh said, in recent years, the brokerage has achieved high growth under managing director William Cooper through a series of selective acquisitions and operational improvements. Cooper will continue to lead Stanhope Cooper, which will join the Ardonagh Advisory platform, offering opportunities to further enhance Ardonagh’s HNW offering.
MGA Renovation Underwriting has offices in London and Cambridgeshire and provides insurance for private client contract works and high value projects. The business was founded by managing director Douglas Brown, and will join Ardonagh’s UK Commercial MGA, where Brown will continue to lead the business, and also take-on a leadership role on the Commercial MGA executive committee, which is led by CEO Jaime Swindle.
Richard Tuplin, CEO, Advisory Insurance Brokers said: “Stanhope Cooper is a high-growth business, with expertise primarily in the HNW arena. We are looking forward to harnessing these capabilities to further enhance our client proposition and market position whilst delivering our mutually ambitious growth strategy.”
Jaime Swindle, CEO Commercial MGA, Ardonagh Advisory, said: “Renovation Underwriting is yet another string to our UK Commercial MGA bow that seeks to offer products that are truly specialist in scope. Douglas Brown and the team at Renovation Underwriting have decades’ worth of experience delivering highly specialist products to market. Douglas’ expertise is a highly prized addition to the UK Commercial MGA and will bring fresh insight as we continue to build and strengthen our distinct proposition.”
Cooper commented: “Ardonagh is a business that shares our high ambition and we are already beginning to see how we can collaborate to bring even greater opportunities for both businesses. Joining Ardonagh means that we will have the investment, relationships and access to a wide range of capabilities which will enable our business to reach new heights. We’re very excited by the many possibilities ahead and look forward to being part of the Ardonagh team.”
Brown added: “At the heart of our business is a dedicated and passionate team who have committed to delivering our market leading proposition for contract works insurance. The partnership with Ardonagh enables Renovation Underwriting to expand into new but related areas, allowing meaningful growth to be maintained. This is a great next-step for the business and its people; all of whom continue to be part of the journey. We’ll continue to develop our products and services to break new ground in the market.”
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