CEO David Ross says Ardonagh is “a new disruptor” in the marketplace
Ardonagh reported sharply higher underlying profits, boosted by acquisitions and growth in its distribution business.
Chief executive David Ross said that Ardonagh is “a new disruptor in the market”.
Adjusted earnings before interest, tax, depreciation and amortisation were up 31% to £114.3m for the year to December, with income up 11% on the year to £536m.
Distribution income rose 13.5% to £351m, with wholesale broking up 20.1% to £90.3m. MGA and services saw a 3.6% decline to £93.1m.
Chief executive David Ross commented: “We started 2017 with a vision, the execution of which delivered a £536m income company with the broadest client proposition in the market.”
He said the first half of the year was about creating the Ardonagh group, while the second half “was about starting to maximise the value of all its component parts”.
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“The Group is now entering its next phase with the capacity to strategically invest in value creation as opposed to fixing the business,” he said.
“2018 sees us positioned with a tremendous culture, accelerated organic growth and continued focus on the recruitment of new talent. As we further develop from the platform we have built with this array of tools at our disposal, we look to the future seeing ourselves as an outperformer in the market.”
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Chairman John Tiner commented: “In the short period since the formation of the Ardonagh Group in mid-2017, we have experienced the power of this combination of market leading businesses and how it can deliver outstanding outcomes for our customers, our people and our investors.
”Ardonagh has become the new home of independent broking for customers across the personal and commercial spectrum. The Group’s 20 leading customer-facing brands place insurance that underpins the backbone of the UK, from the security of 300,000 UK SMEs; to a quarter of all UK motorcyclists; one third of GP surgeries; all the way through to our specialty global clients in our wholesale business.”