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Arachas Corporate Brokers snapped up by Ardonagh shareholders

Arachas Corporate Brokers snapped up by Ardonagh shareholders | Insurance Business UK

Arachas Corporate Brokers snapped up by Ardonagh shareholders

US private equity firms Madison Dearborn Partners, LLC (MDP) and HPS Investment Partners, LLC (HPS) – which in May upped their stake in British intermediary The Ardonagh Group to 43% and 54%, respectively – have reportedly snapped up Arachas Corporate Brokers.

The Sunday Times said the sale price for the Ireland-based Lloyd’s broker is in excess of €250 million (around £213 million). According to the publication, the deal is expected to be confirmed shortly.

Read more: Investment funds up shareholding in Ardonagh – value group at £1.9 billion

Earlier this year the Irish group acquired financial services firm Murray & Spelman, which started trading under the Arachas brand name in November.

Meanwhile sources were cited as saying that Arachas – whose offerings include business insurance, contractor’s insurance, and personal insurance – will not be merged with Ardonagh.