Ardonagh Advisory has today revealed its intention to purchase Hera Indemnity Ltd (Hera), a provider of professional indemnity (PI) insurance solutions to solicitors across England and Wales, subject to regulatory approval. Founded in 2004, Hera is a London-based Lloyd’s broker with £41 million GWP under management.
The business, which specialises in servicing the needs of solicitors, legal professionals and the wider professional services sector, is led by CEO Patrick Bullen-Smith and includes a team of 25 employees. Hera has seen successive growth in GWP since 2004 and transacts business on both a wholesale and retail basis, backed by the support of A-rated insurers.
Following completion of the deal, the broker will operate as part of the wider Ardonagh Advisory platform, which includes Towergate’s regional branch network, health & protection, specialist and retail lines alongside Broker Network, Compass UK and Ethos Broking. Commenting on the deal, Ardonagh Advisory CEO Rob Worrell said the acquisition represents an excellent start to 2021.
“Hera is set to further bolster our existing PI capability, enhancing the offering and expertise we can provide to clients and prospects across Towergate,” he said. “Its wholesale capabilities will further help intermediary networks and specialist brands within the wider Ardonagh Group to find insurance solutions for professions facing shrinking capacity and hardening rates.”
Worrell also highlighted that Ardonagh Advisory is looking forward to working alongside Bullen-Smith and the Hera team as they accelerate their growth trajectory in 2021 and beyond. Meanwhile, Bullen-Smith noted that the Hera team sees no let-up in the hardening of the PI market which emphasises the importance of risk advice and of presentation to insurers. Insurers are increasingly looking at PI and cyber security services together, he said, and Hera is proud to have developed a holistic proposition to both as a provider of PI insurance for over 15% of UK solicitor firms.
“It became clear during our conversations with the team at Ardonagh that they empower and
invest in specialist teams and harness their size to deliver the best outcomes for their clients,” he said. “We’re looking forward to being part of a larger, independent platform.”