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The Ardonagh Group, which just last month reported 11.3% income growth for 2017, has more good news to share.
Announcing its financial results for the first quarter of 2018, the global brokerage cited strong performance for the period – organic growth seen across all business units with the exception of MGA. Ardonagh said income for the three months ended March 31 rose 6.8% to £131.7 million, while adjusted EBITDA went up 12.7% to £28 million.
With the quarter being all about growth, the independent insurance broker – which employs 6,000 people across more than 100 locations – revealed spending £5.2 million on key hires as part of its continued investment towards nurturing the network.
Divided into six segments, Ardonagh consists of Autonet and Carole Nash, Paymentshield, insurance broking, schemes and programmes, and MGA and wholesale. Within broking alone, 41 income producers were offered jobs or hired in the period.
“We have had a strong start to the year with underlying organic growth supported by strategic investments,” said chief executive David Ross. “With three small acquisitions completed in the quarter and several key hires, we continue to invest in businesses and people that want to become part of a disruptive and dynamic force in the market.”
Meanwhile Ardonagh expects to complete its broker systems consolidation 12 months ahead of schedule, saying 85% of what it calls the ‘Towergate Transformation Plan’ has already been accomplished.
