Uris Group acquires Ardonagh-owned firm worth £5.5m GWP

Uris Group (UGL) has acquired Lutine Assurance Services from Ardonagh.

Lutine is a protection specialist providing group life propositions to SMEs and corporates, including group business protection such as key person, partnership and shareholder cover.

It operates exclusively via intermediaries as a Lloyd’s coverholder.

Under the deal, UGL has acquired a book of approximately £5.5m gross written premium (GWP), with capacity provided by Beazley and Axa XL and a team of eight specialist colleagues, all of whom will continue to operate under the Lutine brand.

Derek Coles, chief executive at UGL, said: “Lutine is a highly respected specialist in business protection, with deep technical expertise, historic and ongoing relationships with its capacity providers and strong broker relationships.

”Bringing the business into UGL gives us another quality MGA operation, more diversification and more bandwidth to grow in a market we know is only going to become more important.”

Future plans

The acquisition is the latest step in UGL’s growth strategy following its management buyout from Ardonagh in 2024 and further diversifies its MGA portfolio.

UGL intends to extend the Lutine brand to cover a broader range of protection solutions, including mortgage payment protection, short-term income protection and other specialist protection.

“Against the backdrop of the current political and economic climate, more people are looking at alternative options for protecting their health and financial security,” Coles said.

”We see long-term demand for well-designed protection products and Lutine provides us with a superb platform to build on.

“A lot of companies are looking at their cost bases and can’t react to these opportunities as they come along.

“We’re nimble enough to do so and we’re very happy to swim in these waters, where we see opportunities for growth by providing products for specialist needs.”