The newly acquired company, which specialises in the construction, leisure and commercial sectors, will become part of the Ardonagh-owned Geo Specialty Group
Ardonagh has completed the acquisition of Thames Underwriting, an MGA specialising in the construction, leisure and commercial sectors.
Thames will join Ardonagh’s existing suite of MGA brands, and will operate within Geo Specialty Group Holdings Limited, which has exchanged and completed contracts in relation to the purchase.
Commenting on the deal, Derek Coles, Ardonagh’s CEO of MGA Binders and Facilities said: “As a strong brand with brokers across the UK known for their professional underwriting approach and hands-on service proposition, Thames is a great addition to Ardonagh’s suite of MGA brands.
“With a proven track record and access to specialist schemes, facilities and bespoke products, Thames’ team of highly experienced underwriters further bolsters the Group’s specialist MGA with Geo Underwriting increasing capability, particularly in construction, and greatly expanding on the breadth and depth of products we have to offer the UK’s regional market, with a specific emphasis on independent brokers. We look forward to working together in their next growth chapter.”
Thames’ Managing Director Keith Syrett added: “We are delighted to be part of The Ardonagh Group and join a host of industry leading brands. We believe this is a fantastic opportunity for the business, propelling us towards our goal of being a market leading MGA in our sector.
“With new products planned and an increase in regional presence, we’re committed as ever to UK brokers and look forward to further developing these relationships.”
Headquartered in Leigh-on-Sea, Thames has partnerships with a wide network of more than 600 independent brokers and operates a number of delegated underwriting authorities on behalf of Lloyd’s and A rated Insurers including Allianz, AXA XL, Liberty, and QBE.