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Ardonagh exchanges contracts for acquisition of 2 UK-based insurance brokers

The Ardonagh Group announced Oct. 11 that it exchanged contracts in relation to the acquisition of U.K.-based Carole Nash Insurance Consultants Ltd. and Mastercover Insurance Services Ltd., subject to regulatory approvals.

The group — which includes U.K. insurers Towergate, Autonet, Chase Templeton, Ryan Direct Group and Price Forbes — said it intends to purchase Carole Nash for an undisclosed amount, with the motorcycle insurance broker joining Autonet within The Ardonagh Group distribution segment.

Carole Nash is expected to retain its name after the transaction, which is estimated to be valued at up to £65 million, The Daily Telegraph reported Oct. 10.

Carole Nash, which has offices in Altrincham and Dublin, employs more than 400 people and reported income approaching £29 million in 2016. Ardonagh noted that the acquisition marks the first led by Autonet.

Meanwhile, Mastercover will join Towergate Insurance Broking within The Ardonagh Group distribution segment. In 2016, the specialist small and medium-sized enterprise insurance broker generated income in excess of £1.5 million.

In addition, Ardonagh said it obtained commitments to purchase, subject to financing conditions, up to approximately £55 million worth of the group's existing 8.375% British pound-denominated senior secured notes due 2023. The group plans to fund the purchase with a combination of debt and existing liquidity.