5 July 2018Insurance

Ardonagh-owners Highbridge, Madison Dearborn make new acquisition

US private equity firms Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP), which have a major shareholding in brokerage group Ardonagh, have acquired UK-based fee protection insurance company PFP.

The transaction is expected to complete in the next few weeks, PFP said.

Kevin Igoe, managing director of PFP, said: “I am delighted that we have entered into this agreement and I feel this is great news for our accountancy firms and their clients.

“This will provide PFP and our clients with significant financial security and a wealth of exciting opportunity when it comes to the future development of our products and services. Culture and commitment to customer service were very important to us when finding a buyer and I’m pleased to see PFP will be joining like-minded businesses and leadership teams as part of HPS and MDP’s growing portfolio of insurance companies.”

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More on this story

Insurance
12 June 2018   French insurer AXA has entered into an agreement to sell its whole of market intermediary, Health and Protection Solutions, trading as The Health Insurance Group.
Insurance
1 March 2018   New York-based AmTrust Financial Services closed the transfer of a 51 percent equity interest in certain of its US-based fee businesses to private equity firm Madison Dearborn Partners.
Insurance
27 September 2018   UK insurance intermediary Ardonagh Group is acquiring broker Swinton Group from its French parent Covéa Group for a consideration of approximately £165 million.