Broker-backed MGA is ’excited to support’ the growth of its newly purchased firm amid plans to extend ’product distribution even more widely’

MGA Geo Underwriting, owned by intermediary organisation The Ardonagh Group, has acquired UK-based loss recovery MGA Lorega Holdings.

Lorega provides loss recovery insurance, which sources and pays for a loss adjuster to support a claimant to prepare and settle their claim. The firm is based in Leadenhall Street, London, and employs a team of 26 staff.

Following the deal, Lorega will continue to operate independently under the leadership of existing group managing director Neill Johnstone.

The management team will retain a shareholding in the new entity following the transaction.

Geo Underwriting’s purchase of Lorega enables investment firm Alcuin Capital Partners to make a “successful exit” after it backed the loss recovery business’ management buyout in February 2016, noted Graham Morrison, investment director at Alcuin Capital Partners.

Extending product reach

Speaking on the acquisition, Johnstone said: “We are extremely grateful for the support of Alcuin over the last six years and are thrilled to be joining Geo Underwriting, where we will sit alongside a host of leading industry brands.

“We remain committed to all our UK brokers and to the service excellence we provide to them and their customers.

“We look forward to continuing to build our relationships with the broking industry across the UK and to [bringing] more policyholders the expert support they need when they encounter an unexpected loss or damage.”

Ardonagh’s chief executive of MGA, binders and facilities, Derek Coles, added: “Lorega is a real specialist and leader in the loss recovery insurance market with a wealth of experience within the team.

“We are excited about the potential to support [its] growth with both commercial and consumer clients and investing in digital platforms to extend the product distribution even more widely to the market.”