Ardonagh Advisory, a unit of The Ardonagh Group, has agreed to purchase a majority stake in insurance coverage dealer Stanhope Cooper and managing common agent (MGA) Renovation Underwriting.
The monetary phrases of the transaction, which is topic to regulatory approval, weren’t disclosed.
As per the phrases of the deal, Ardonagh will buy a stake in N&W Investments, which owns Insurance coverage Tailors and Porterhouse Brokers, apart from Renovation Underwriting and Stanhope Cooper.
Petersfield, England-based Stanhope Cooper is a household brokerage engaged in offering insurance coverage and threat administration companies to excessive internet value (HNW) prospects and enterprise house owners.
The 2006-founded Stanhope Cooper will be a part of the Ardonagh Advisory platform to enhance Ardonagh’s HNW providing.
In the meantime, Renovation Underwriting gives insurance coverage for high-value initiatives and personal consumer contract works.
The MGA operates as a separate firm from Stanhope Cooper.
It would grow to be part of Ardonagh Advisory’s UK Business MGA to boost Ardonagh’s present product line.
Stanhope Cooper managing director William Cooper and Renovation Underwriting managing director Doug Brown will proceed with their respective companies.
Advisory Insurance coverage Brokers CEO Richard Tuplin stated: “By investing in these high-pedigree companies, we’re supporting our technique to proceed enlargement into HNW personal purchasers in addition to giant company and industrial purchasers.
“Stanhope Cooper is a extremely entrepreneurial firm, which has achieved a formidable degree of natural progress and we’re excited to begin work with the group to help their ambitions.”
Ardonagh Advisory CEO industrial MGA Jaime Swindle stated: “The group at Renovation Underwriting have a wealth of expertise and powerful service relationships that complement our current insurer partnerships and product technique.”
