Geo Underwriting, The Ardonagh Group’s MGA subsidiary, has completed the acquisition of the managing general agent Lorega Holdings Ltd. from Alcuin Capital Partners.
Financial details of the transaction were not disclosed.
Lorega is the UK’s leading supplier of loss recovery insurance, specializing in claims services to help brokers’ clients prepare, negotiate and settle their insurance claims.
Headquartered in Central London and employing a 26-strong team, Lorega’s management team will continue to retain a shareholding in the new entity.
Managing Director Neill Johnstone will continue to lead the business, which will operate independently under the Lorega brand.
The transaction marks an exit for Alcuin Capital Partners which backed Lorega’s management buy-out in February 2016, with management retaining a shareholding in the new entity.
“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,” commented Lorega Managing Director Neill Johnstone.
“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 bring more policyholders the expert support they need when they encounter an unexpected loss or damage,” Johnstone 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 their growth with both commercial and consumer clients and investing in digital platforms to extend the product distribution even more widely to the market,” said Derek Coles, Ardonagh MGA CEO.
“We are very pleased with what is a very successful exit for the Fourth Alcuin Fund, and of course wish management at Lorega the very best for the future. Under this team the business has grown in size and strengthened its formidable position as the UK’s leader in loss recovery insurance. It has been a pleasure to have worked with them and we look forward to seeing the business develop further in the future,” said Graham Morrison, Investment Director at Alcuin Capital Partners, which specializes in making growth capital investments and supporting management buyouts in lower-middle market companies based in the UK.
About Geo Underwriting and The Ardonagh Group
An MGA and Lloyd’s coverholder, Geo Underwriting provides specialist insurance solutions for emerging and existing risks that cater to non-standard and niche sectors, across multiple business lines for both the UK and international markets. Geo employs more than 600 people and houses multiple market-leading specialist brands.
Founded in 2017, Ardonagh is the UK’s largest independent insurance distribution platform and a top 20 broker globally, employing more than 9,000 people in over 150 locations, according to its website. The company’s registered address is St Helier, Jersey (in the Channel Islands).
Source: Geo Underwriting
Topics Mergers & Acquisitions Underwriting Insurance Wholesale
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