It has been a busy year already for Ardonagh Advisory Holdings, and today this subsidiary of The Ardonagh Group has announced it has exchanged contracts regarding the purchase of Usay Group Limited (Usay), one of the largest consumer personal medical insurance and protection insurance brokers in the UK.
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The Cirencester-headquartered Usay, which was established in 2008, is powered by a 195-strong team and generated a revenue of £18.4 million in 2020. The brokerage offers health insurance, life insurance income protection services and has generated a well-established client base through continued organic growth.
Upon completion of the deal, Usay will operate as part of the Ardonagh Advisory platform, complementing existing offerings from Towergate Health & Protection. Iain Laws, CEO of Towergate Health & Protection, will lead both businesses while current Usay MD Mark Noble, who joined the business from Aviva in 2019, will continue to head up the Usay brand as CEO.
The acquisition follows the purchase of two brands – Chase Templeton in 2017, and The Health Insurance Group in 2018 – which were subsequently integrated to form part of Towergate Health & Protection.
Commenting on the announcement, Rob Worrell, CEO of Ardonagh Advisory said it is great to be continuing the growth story of Ardonagh Advisory and that he is proud that this has been uninterrupted over the last 12 months. This, he said, is thanks to the strength and resilience of the group and the client-focus that its team across all brands shows every day.
“Usay is a business we have long admired,” he said, “so we are thrilled to be announcing our intentions to bring them into the family, expanding our offering in the health arena and unlocking opportunities for innovation.”
Meanwhile, Laws said that the addition of a strong consumer brand such as Usay cements Ardonagh’s position as the home of leading health and protection brokerages.
“The impacts of the pandemic have reinforced the need and importance of health, wellbeing and protection cover,” he said, “and we are looking forward to supporting the Usay team in their quest to help even more clients across the UK to benefit from Usay’s advice and support in their health, life and protection insurance needs.”
Completion of the transaction is subject to regulatory approval.