The competition watchdog is probing brokers over Ardonagh’s motorbike business following its decision to acquire Bennetts.
The Competition and Markets Authority is asking brokers a range of questions on:
- The Ardonagh motorbike businesses, which together are the largest motorbike broking firms in the market
- Their own broking business
- General market questions
Ardonagh declined to comment.
Insurance Times understands that Ardonagh is aware of the CMA’s interest, which is being viewed as a matter of procedure.
The CMA has the power to intervene and prevent deals happening, or order that dominant players sell businesses to create fair competition, although the Bennetts deal is still expected to be completed by Ardonagh.
Ardonagh is the largest personal lines broker in the UK, with particular strength in motorbikes having nearly completed the deal for Bennetts.
Chief executive David Ross has been on a motorbike broking acquisition drive by snapping up Carole Nash, Footman James, Autonet and Swinton.
Once the Bennetts deal completes, together with two other deals announced at the same time, Arachas and Bravo, they will add another £50m earnings to the Ardonagh group.
Ardonagh earlier this week revealed a mega-refinancing that takes the debt to nearly £2bn and adds another £300m warchest for acquisitions.
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