The rapid expansion of UK brokerage giant Ardonagh shows no signs of slowing down after the firm sealed the acquisition of US-based medical stop loss managing general underwriter AccuRisk Solutions LLC.
Upon announcing the acquisition, the brokerage confirmed it is establishing Ardonagh Global Partners (AGP) – which is setting its sights on investing in “leading platforms operating in attractive markets and product verticals outside of the UK and Europe.” It believes the group will be a “partner of choice” for management teams.
To lead AGP, Ardonagh has appointed Des O’Connor (pictured) as its head. O’Connor is well known in the UK market as the CEO of Bravo Group, the largest network of independent insurance brokers in the UK, which was snapped up by Ardonagh last year.
The group will take in not only AccuRisk, but also Resilium, Australia’s largest independently owned intermediary network, acting as a centrepiece for Australian operations; as well as Hemsley Wynne Furlonge, a specialist M&A insurance broker which structures bespoke insurance solutions for transactional risks, specialising in warranty & indemnity, tax, contingent risk, and environmental indemnity products, and has offices in London and Germany.
“The creation of Ardonagh Global Partners opens an exciting new chapter in our story with presence in three continents in addition to our global wholesale operations,” said Ardonagh CEO David Ross. “With every acquisition, we aim to become a strategic partner to high quality businesses and management teams, leveraging our collective scale and expertise to build value for all concerned.”
As for the swoop for AccuRisk, the firm has been acquired in a joint venture with Amynta Group. The MGU wrote US$137 million in premiums in 2020 and has 82 staff across offices in Boston, Kansas City, Baltimore and Dallas. In addition to operating in the medical stop loss market, it also offers captive and ancillary service lines, and CEO Dan Boisvert believes there are significant growth opportunities.
“This is a really exciting moment for the company and we’re incredibly proud to become part of the Ardonagh and Amynta portfolios,” he said. “Our team’s success is driven by our focus on creating and bringing innovative products to market that meet a very real customer demand. More than half the US workforce is currently enrolled in a self-funded health plan, and we anticipate further growth as employers look to create customised and affordable health insurance plans. With the firepower of an independent Top 20 global broker like Ardonagh behind us, and the relationships and experience of Amynta, we will accelerate our expansion plans and continue to deliver our broker and agent partners and their clients an even better range of products and services.”
Meanwhile, Ross described the AccuRisk team as “proven leaders” with a “desire to drive the best results.” It was also highlighted that the US market was “strategically important.”
“Their data driven focus is designed to provide the next generation of healthcare solutions to their distribution partners,” Ross said. “We’re incredibly excited that they have chosen to partner with us to fuel the next chapter of their journey.”