The transaction marks Ardonagh’s second acquisition for 2020 so far
Independent broker The Ardonagh Group has acquired the trade and assets from specialist underwriter Rural Insurance Group, marking the Group’s second acquisition of 2020.
Contracts relating to the purchase have been exchanged and completed by Geo Underwriting Services. The transaction has been funded through existing liquidity.
North Yorkshire-based Rural Insurance Group is a specialist underwriter for rural and agricultural communities – it will join Ardonagh Group’s stable of MGA brands, including Geo Underwriting, AIUA and BIBU.
Rural Insurance Group, which has a 20-year history, distributes to a network of more than 600 broker partners and protects the assets of over 17,000 UK customers.
Derek Coles, chief executive, MGA binders and facilities at Ardonagh Group, said: “Rural perfectly encapsulates what we strive for all Ardonagh’s specialist MGA brands to be.
“It’s a business firmly embedded in the communities it serves and renowned not only for its products across farming, rural and associated motor lines, but the expertise, service model and value it delivers to customers.
“The addition of Rural to the family further strengthens our commitment to serving the UK’s regional broking market with specialist solutions from dedicated experts and trusted brands.”
Rural Insurance Group’s managing director David Cahoon added: “At Rural, we’re excited to be joining Ardonagh’s specialist MGA portfolio alongside many well respected and likeminded brands.
“We look forward to harnessing the scale and collective power of the UK’s largest independent insurance broking platform to further enhance our commitment to helping UK brokers serve the agricultural market, from the very small to the very large.”
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