Ardonagh snaps up UK regional broker in growth push

Insurance intermediary  Ardonagh Group, through its SME broking platform Ardonagh Advisory, has acquired an independent broker to grow its presence across the UK.

Ardonagh Advisory has acquired Sorvio Insurance Brokers, which provides a range of commercial insurance solutions across the Southwest of England. A regional broker with more than 30 years’ experience, Sorvio is located in Salisbury, where it serves its client-base of SME businesses.

On completion, Sorvio will join Ethos Broking, where it will support Ethos’ expansion across the Southwest of England, providing a platform to further its geographic reach.

Sorvio was acquired by current owners and directors Paul Hodgkinson and Ian Spalding in 2006. The pair will continue to run the business alongside Richard Tuplin, who leads Ethos Broking as part of his role as CEO of Advisory Insurance Brokers (AIBL).

Sorvio is the latest in a recent run of acquisitions to join the Advisory platform and wider Ardonagh Group. In July, Ardonagh acquired PB Curran, AMS Insurance Solutions and Sentinel Insurance Solutions to its growing portfolio of businesses, which followed the earlier addition of Pace Ward and the announcement that it has agreed to acquire Stanhope Cooper and Renovation Underwriting.

Tuplin said: “This is a great opportunity for Ethos Broking to further its geographic reach with a high-quality regional broking business that is well-respected in its local area. Sorvio is a fantastic business that has flourished over the years thanks to its expert team and their focus on providing an exceptional service for clients. We’re very excited to welcome Ian, Paul and the team to the business and look forward to collaborating on future opportunities for growth in the region.”

Hodgkinson, director, Sorvio commented: “Joining Ardonagh Advisory represents an enormous opportunity for us to develop Sorvio by becoming part of a larger proposition. Our team of experts will continue to provide the outstanding service they are well-known for, supported by a business that shares our values and dedication to client service. We’re very excited for the future and look forward to experiencing the many benefits that I know will come from being part of the Ardonagh Advisory platform.”

Joe Conway, M&A director, Ardonagh Advisory said: “This latest addition to our portfolio is further demonstration of how quality regional brokers see value in joining larger broking platforms such as Ardonagh Advisory.

“Not only can they receive support to help navigate the many challenges present in today’s market, but they can also benefit from support that will actively help their business to grow. If you’re thinking about taking the next step in your broking business’ journey, get in touch. We’re always open to supporting broking businesses to get to that next level, whatever that might be.”

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