Ardonagh targets big clients by acquiring ‘high-pedigree’ businesses
The Ardonagh Group is acquiring a high net worth (HNW) broker and managing general agent (MGA) to expand its capabilities in the niche specialisms market targeting large corporate and commercial customers.
Under the agreement, Ardonagh Advisory Holdings, a subsidiary of The Ardonagh Group, will take a majority shareholding in HNW broker Stanhope Cooper and MGA Renovation Underwriting.
The deal also includes a shareholding in N&W Investments, the holding company of Stanhope Cooper, Renovation Underwriting, Insurance Tailors and Porterhouse Brokers.
Stanhope Cooper is based in Petersfield, providing insurance and risk management advice to HNW private clients and business owners. The firm was founded in 2006 and is led by managing director William Cooper, who took over the reins of the business from his father and company Chairman, Nicholas Cooper, in 2012. William will continue to lead the business in his current role.
Stanhope Cooper will become part of the Ardonagh Advisory platform, where it will use its specialist expertise to provide further opportunities for collaboration to enhance Ardonagh’s HNW offering.
MGA Renovation Underwriting, which operates independently to Stanhope Cooper, provides insurance for private client contract works and high value projects. It will join Ardonagh Advisory’s UK Commercial MGA, where its niche specialisms will complement Ardonagh’s existing product suite. Doug Brown, managing director of Renovation Underwriting will continue to lead the business and will join the UK Commercial MGA executive committee, which is led by CEO Jaime Swindle.
Richard Tuplin, CEO, Advisory Insurance Brokers, said: “By investing in these high-pedigree businesses, we are supporting our strategy to continue expansion into HNW private clients as well as large corporate and commercial clients.
“Stanhope Cooper is a highly entrepreneurial company, which has achieved an impressive level of organic growth and we are excited to start work with the team to support their ambitions.”
Jaime Swindle, CEO Commercial MGA, Ardonagh Advisory, added: “The team at Renovation Underwriting have a wealth of experience and strong carrier relationships that complement our existing insurer partnerships and product strategy. As the Commercial MGA continues to focus on offering specialist products to market, this business, along with Doug Brown’s market leading expertise, will help to further enhance our proposition and the Group as a whole.”
Cooper of Stanhope Cooper commented: “Ardonagh represents the right opportunity at the right time for our business to achieve that vital next step. We sought an investor so that we could achieve even greater heights by diversifying our business to provide something truly unique and improve our offer to clients. Joining a business that shares our ambition and vision will make for a highly beneficial collaboration and we look forward to working more closely with the Ardonagh team.”
Brown of Renovation Underwriting, said: “Our new backing from The Ardonagh Group enables us to move forward with the same vision, but with a bigger platform and greater resources to propel our ambitious plans – all of which will still be led and delivered by our specialist, committed team.”
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