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Ardonagh finishes acquisition of fellow UK insurance broker Swinton

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Ardonagh finishes acquisition of fellow UK insurance broker Swinton

The Ardonagh Group Ltd. has completed its acquisition of fellow U.K. insurance broker Swinton (Holdings) Ltd.

The company also announced the exchange of $235 million of its 8.625% senior secured temporary notes due 2023 for a corresponding amount of 8.625% senior secured notes due 2023.

Some of the temporary notes proceeds were released for the completion of the Swinton acquisition, having originally been deposited in escrow pending regulatory approval of the deal. The remaining escrowed proceeds will be released on the completion of the acquisitions of Minton House Group Ltd., Health and Protection Solutions Ltd. and Professional Fee Protection Ltd.