Funds behind Ardonagh make another acquisition

Ardonagh Group’s owners have bought fee protection insurance company Professional Fee Protection Ltd.

This is the latest acquisition by Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP), which bought Bristol-based broker CSIS in May.

The transaction is expected to complete in the next few weeks, subject to regulatory approvals.

PFP managing director Kevin Igoe said the deal is “great news for our accountancy firms and their clients”.

“This will provide PFP and our clients with significant financial security and a wealth of exciting opportunity when it comes to the future development of our products and services,” he said.

“Culture and commitment to customer service were very important to us when finding a buyer and I’m pleased to see PFP will be joining like-minded businesses and leadership teams as part of HPS and MDP’s growing portfolio of insurance companies.”