The move is designed to complement Towergate Health and Protection’s existing offering
Ardonagh Advisory, The Ardonagh Group’s SME broking platform, has today (10 May 2021) confirmed that it intends to buy UK personal medical and protection insurance broker Usay Group.
The organisations have so far exchanged contracts in relation to the deal, but completion on the transaction is still subject to regulatory approval.
Founded in 2008, Cirencester-headquartered Usay provides services around health insurance, life insurance and income protection.
The business has 195 staff and last year generated revenue of £18.4m.
Following the acquisition, Usay will operate as part of the Ardonagh Advisory platform, to complement the existing offering from Towergate Health and Protection.
This will mark the broker’s third acquisition in this market area, after it purchased Chase Templeton in 2017 and The Health Insurance Group in 2018 – these businesses were subsequently integrated to form part of Towergate Health and Protection.
Upon completion of the deal, Towergate Health and Protection’s chief executive Iain Laws will lead both businesses. Mark Noble, Usay’s current managing director – who has previously worked for Aviva – will head up the Usay brand as chief executive.
Expanding the family
Speaking on the acquisition, Rob Worrell, chief executive of Ardonagh Advisory, said: “It’s great to be continuing the growth story of Ardonagh Advisory today, which I’m proud to say has remained uninterrupted throughout the past 12 months thanks to the strength and resilience of the group and the dedication and client-focus that colleagues across our brands continue to show every day.
“Usay is a business we have long admired, so we are thrilled to be announcing our intentions to bring them into the family, expanding our offering in the health arena and unlocking opportunities for innovation.”
Iain Laws added: “The addition of such a strong consumer brand as Usay cements Ardonagh’s position as the home of leading health and protection brokerage.
“The impacts of the pandemic have reinforced the need and importance of health, wellbeing and protection cover and we are looking forward to supporting the Usay team in their quest to help even more clients across the UK to benefit from Usay’s advice and support in their health, life and protection insurance needs.”
Ardonagh Advisory is comprised of Broker Network, Compass Network, Ethos Broking, Footman James, Towergate Insurance Brokers, Towergate Health and Protection, Towergate Riskline and Your Insurance brands.