19 April 2018Insurance

Ardonagh grows 2017 income by 11% through acquisitions

Insurance broker Ardonagh has boosted its income in 2017 by 11 percent year on year to £536 million driven by acquisitions.

Underlying organic income growth was 3.5 percent year on year in 2017.

During 2017, Ardonagh acquired Direct Group, Chase Templeton, Carole Nash, Mastercover and Healthy Pets.

The Ardonagh group was created in June 2017 bringing together Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate, with the additional acquisitions of Healthy Pets in August 2017, and Carole Nash and Mastercover announced in December 2017.

Ardonagh invested £83 million in acquisitions in 2017 including Carole Nash, Healthy Pets and Mastercover to create the UK insurance broker.

“Whilst the first half of the year was about crafting and creating Ardonagh, the second half was about starting to maximise the value of all its component parts,” said CEO David Ross.

“The Group is now entering its next phase with the capacity to strategically invest in value creation as opposed to fixing the business.

Ardonagh's adjusted earnings before interest, tax, depreciation and amortization (EBITDA) grew 20.3 percent year on year to £161.5 million in 2017.

Join us at Intelligent Automation in Insurance - April 26th 2018, London:  Book now.

More of today's news

AIG splits Europe business between UK, Luxembourg ahead of Brexit

Allstate faces $361m cat losses in Q1, 2018

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
14 June 2018   Ardonagh-owned Price Forbes & Partners has launched a new broking entity specialising in reinsurance business, both treaty and facultative.
Insurance
18 June 2018   UK independent insurance broker Ardonagh Group has appointed former Lloyd's CEO Richard Ward as executive chairman of its specialty & international and MGA segments that include Bishopsgate and Price Forbes.
Insurance
23 August 2018   UK insurance intermediary Ardonagh group has lowered its losses in the first half of 2018 compared to the same period of 2017 while investing in the business.