Industry sources say a deal is “weeks away”
The Ardonagh Group is in advanced talks to take over Nexus Underwriting, according to industry sources.
A source told Insurance Times that it is “a matter of weeks, not months” before the deal is agreed.
Nexus Group offers 25 products and had an EBITA of £10m in 2017. It also stated that it was on course for a proforma GWP of £180m for 2017.
The source also said that the deal is just a case of “last man standing” so the deal just needs to be finalised.
Last month, Ardonagh raised £98.3m in fresh debt which would be used for bolt-on acquisitions.
The Ardonagh Group declined to comment on speculation.
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Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
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