PE-backed Ardonagh acquires Thames Underwriting

Ardonagh is looking to spend capital from a recent £2bn refinancing on acquisitions, the Financial Times reported in July. The report stated that the company has a large number of acquisitions in the pipeline.

In May 2017, HPS and Madison Dearborn merged five of their joint-backed insurance firms under one holding company, underpinned by significant new debt facilities.

Towergate Group, Autonet, Chase Templeton, Ryan Direct Group and Price Forbes – all UK based – were merged into KIRS, which was rebranded later to Ardonagh.

Both Towergate and Nevada investments, the holding company for the other firms, were co-owned by HPS and Madison Dearborn.

Thames will join Ardonagh's suite of managing general agent (MGA) brands and will operate within Geo Specialty Group.

Company
Thames Underwriting is based in Leigh-on-Sea and is a specialist MGA providing insurance services to brokers across the construction, leisure and commercial sectors. It employs 30 experts. The company was founded in 2010.

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