The Ardonagh Group – formed in June 2017 by bringing together Autonet, Chase Templeton, Direct Group, Price Forbes, and Towergate – has reported strong income growth for its ‘year of execution’.
From the £481.3 million income in 2016 to last year’s £535.7 million, the new “challenger brand” – as chief executive David Ross put it – posted 11.3% growth. The independent insurance broker cited its successful acquisition strategy, effective hiring of staff described as “market-leading”, and underlying organic income growth of 3.5% as the drivers for the positive change.
“2017 was a year of execution for our team, creating a new disruptor in the market and delivering a transformational refinance project, all while keeping a relentless focus on delivering the change programme within the old Towergate business,” explained Ross. “2018 sees us positioned with a tremendous culture, accelerated organic growth, and continued focus on the recruitment of new talent.”
Subsequently snapping up the likes of Healthy Pets, Carole Nash, and Mastercover, Ardonagh also reported highly accretive acquisition spend worth £83 million since its creation. The global brokerage now boasts of a network of more than 100 office locations, as well as a workforce of nearly 6,000 people.
“In early 2016, we presented a twelve-quarter plan to investors and now find ourselves facing into the final stages of that plan,” noted the CEO. “In July of this year, our entire broking operation will have been successfully migrated from in excess of 120 different systems to one broking platform; twelve months ahead of schedule.”
For chair John Tiner, Ardonagh has become what he called “the new home” of independent broking.
“The Group’s 20 leading customer-facing brands place insurance that underpins the backbone of the UK, from the security of 300,000 UK SMEs; to a quarter of all UK motorcyclists; one third of GP surgeries; all the way through to our specialty global clients in our wholesale business,” he said.