CEO of Towergate owner Ardonagh mulls over IPO
The new UK insurance group The Ardonagh Group which combines Towergate, Autonet, Chase Templeton, Ryan Direct and Price Forbes may be sold or listed on the stock exchange, the CEO reportedly told The Telegraph in an Aug. 6 report.
"Decisions will be based on being in control of our own destiny in 10 years," said chief executive David Ross, who previously ran rescued insurer Towergate.
"We could IPO, could stay with private equity, could go to a trade buyer. We'll enjoy being private for a while, but could be big enough to IPO. In 12 months, when this is a monster, the board will need to talk."
In May 2017, Towergate owners HPS Investment Partners (HPS) and Madison Dearborn Partners (MDP) disclosed their plan to bring together their UK regional network of businesses, which includes Towergate, independent van insurance broker Autonet, private medical insurance brokerage provider Chase Templeton and insurance solutions Ryan Direct Group.
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