The Ardonagh Group certainly is putting its loan to good use, expanding the insurance broker’s roster of managing general agent (MGA) brands by acquiring specialist MGA Thames Underwriting for an undisclosed amount.
Thames, which is headquartered in Leigh-on-Sea, not only operates a number of delegated underwriting authorities on behalf of Lloyd’s and A-rated Insurers but also has partnerships with a wide network of over 600 independent brokers.
“We are delighted to be part of The Ardonagh Group and join a host of industry-leading brands,” commented Thames managing director Keith Syrett. “We believe this is a fantastic opportunity for the business, propelling us towards our goal of being a market-leading MGA in our sector.
“With new products planned and an increase in regional presence, we’re committed as ever to UK brokers and look forward to further developing these relationships.”
Thames provides insurance solutions to brokers across the areas of construction, leisure, and commercial. The 30-strong team will be under Ardonagh entity Geo Specialty Group.
For MGA binders and facilities chief executive Derek Coles, the acquired business is “a great addition” to Ardonagh’s suite, citing Thames’ professional underwriting approach and hands-on service proposition.
Coles noted: “With a proven track record and access to specialist schemes, facilities, and bespoke products, Thames’ team of highly experienced underwriters further bolsters the group’s specialist MGA with Geo Underwriting increasing capability, particularly in construction, and greatly expanding on the breadth and depth of products we have to offer the UK’s regional market, with a specific emphasis on independent brokers.”