Ardonagh MGA will hire a new personal lines head and exit unprofitable business after posting loss

Ardonagh’s MGA division will exit parts of its personal lines business after reporting a loss for Q1 of this year.

Reported losses in the MGA increased 70% to £5.2m, compared to the first quarter last year. 

According to the group’s quarterly report this was put down to “ongoing remediation of some poor accounts” and moving focus to “niche and specialist away from standard business, including exiting standard aggregator driven household business.”

Among the changes to come included exiting unprofitable personal lines business and hiring a new chief executive to head up the personal lines business.

But the report added that it was on the commercial business side where the impact of remediation was felt greatest. On this side business is declining 30% year-on-year.

The MGA division was the one disappointment in an otherwise largely positive set of results, which saw organic growth across all other areas of the group. 

 

 

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