Home / Breaking News / UK broking leader buys big stake in Resilium
16 February 2021
Authorised representative (AR) network Resilium has secured a strategic investment from Ardonagh Group, giving the UK’s largest independent insurance broker a majority stake in the business.
Under the terms of the deal announced today, Resilium will join Ardonagh, with Resilium CEO and MD Adrian Kitchin retaining his roles under the new ownership structure.
Mr Kitchin says joining Ardonagh will enable the company to accelerate its growth plans this year and beyond.
It will also allow Resilium to leverage off the experience and technology that has transformed Ardonagh into the largest independent insurance broker group in the UK.
Industry identity Paul Lynam has been appointed as Chairman, complementing the existing executive team led by Mr Kitchin, Sales and Distribution Director Ben Hastie and Operations and Compliance Director Drue Castanelli.
Mr Lynam has 30 years’ experience in the insurance market across broking and underwriting and will oversee the mergers and acquisitions pipeline on behalf of the group. He will also work with Mr Kitchin and the team to leverage opportunities for Ardonagh’s wider portfolio within Australia.
Ardonagh has pro-forma gross written premium in excess of $10.7 billion and pro-forma income of more than $1.4 billion, driven by mergers and acquisitions as well as underlying organic growth.
“This strategic backing from Ardonagh will turbo-charge Resilium’s trajectory, giving us access to the capital and resources to explore strategic, complementary acquisitions across the country while also continuing to grow organically,” Mr Kitchin said today.
“With access to the full suite of Ardonagh’s assets including technology, facilities and Lloyd’s market access, the expanded value proposition for our authorised representatives enables us to cement Resilium’s status as the preeminent Australian general insurance AR network of choice.”
Ardonagh Group CEO David Ross says Resilium will be the “the centerpiece of Ardonagh’s Australian operations” as the UK broker looks to grow its presence in this part of the world.
“Like the rest of the group, Resilium’s working culture has been key to its success,” Mr Ross said.
“The team’s unwavering focus on recruiting the very best talent in the market alongside a commitment to professional development has made them the ideal launch platform for our growth in this dynamic region.”
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