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.