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Berkshire Hathaway Specialty Insurance
Berkshire Hathaway Specialty Insurance

Ardonagh enters US, forms global division

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Ardonagh Group, which bought a key stake in Resilium earlier this year, has made its first US acquisition and formed a division to drive international expansion plans in markets including Australia.

The UK-based company says it has added US healthcare and benefits specialist AccuRisk Solutions to a global portfolio that includes Resilium and specialist mergers and acquisitions broker Hemsley Wynne Furlonge, which has offices in Germany and London.

Ardonagh Global Partners (AGP) will oversee the international businesses and pursue opportunities for investment in “leading platforms operating in attractive markets”.

“The creation of Ardonagh Global Partners opens an exciting new chapter in our story with presence in three continents in addition to our global wholesale operations,” CEO David Ross said.

“With every acquisition, we aim to become a strategic partner to high quality businesses and management teams, leveraging our collective scale and expertise to build value for all concerned.”

Resilium, acquired in February, will be the centrepiece of the Australian operations and allow AGP to leverage opportunities for the wider portfolio within the country, Ardonagh says.

Chairman John Tiner told a financial results briefing last month that the company expected its international expansion to continue “at pace” following growth over the past year in the UK and overseas. The firm highlighted that the US was next on the agenda.

Chicago-based AccuRisk is a managing general underwriter specialising in medical stop loss, occupational accident and supplemental health products for small and mid-sized businesses.

Ardonagh says it has acquired the business in a joint venture with Amynta Group, allowing it to enter the strategically important US market.

AGP will be led by Des O’Connor who ran a buy-and-build strategy with UK insurance brokers network Bravo Group, which became part of Ardonagh last year.