Ardonagh Advisory Holdings, the SME broking platform of The Ardonagh Group, is acquiring a majority shareholding in broker Stanhope Cooper and managing general agent Renovation Underwriting.
Subject to regulatory approval, Stanhope Cooper will join the broking platform. Founded in 2006 in Petersfield, Stanhope Cooper is a high net worth (HNW) broker led by managing director William Cooper.
“This latest addition to the Advisory portfolio demonstrates our commitment to furthering the depth and breadth of our client proposition,” said Advisory Insurance Brokers chief executive Richard Tuplin (pictured). “By investing in these high-pedigree businesses, we are supporting our strategy to continue expansion into HNW private clients as well as large corporate and commercial clients.
“Stanhope Cooper is a highly entrepreneurial company, which has achieved an impressive level of organic growth, and we are excited to start work with the team to support their ambitions.”
For William Cooper, coming under the Ardonagh Advisory umbrella is “the right opportunity at the right time”.
“We sought an investor so that we could achieve even greater heights by diversifying our business to provide something truly unique and improve our offer to clients,” revealed the managing director. “Joining a business that shares our ambition and vision will make for a highly beneficial collaboration, and we look forward to working more closely with the Ardonagh team.”
Renovation Underwriting, meanwhile, will become part of Ardonagh Advisory’s UK commercial MGA which is led by Jaime Swindle. Headed by managing director Doug Brown, Renovation Underwriting provides insurance for private client contract works and high-value projects.
“We’ve always been driven to offer a market-leading proposition in our niche area of contract works insurance, and to do what we do better than anyone else,” declared Brown.
“Our new backing from The Ardonagh Group enables us to move forward with the same vision, but with a bigger platform and greater resources to propel our ambitious plans – all of which will still be led and delivered by our specialist, committed team.”
UK commercial MGA CEO Jaime Swindle, who will be joined by Brown in the division’s executive committee, also had nothing but nice words for the new arrival.
“The team at Renovation Underwriting has a wealth of experience and strong carrier relationships that complement our existing insurer partnerships and product strategy,” noted Swindle.
“As the commercial MGA continues to focus on offering specialist products to market, this business, along with Doug Brown’s market-leading expertise, will help to further enhance our proposition and the group as a whole.”
Financial terms of the double swoop were not disclosed.
Renovation Underwriting was named as the Best MGA in Insurance in the UK. Read the full report here.
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