Ardonagh Advisory, a unit of The Ardonagh Group, has agreed to purchase a majority stake in insurance coverage dealer Stanhope Cooper and managing basic agent (MGA) Renovation Underwriting.
The monetary phrases of the transaction, which is topic to regulatory approval, weren’t disclosed.
As per the phrases of the deal, Ardonagh will buy a stake in N&W Investments, which owns Insurance coverage Tailors and Porterhouse Brokers, moreover Renovation Underwriting and Stanhope Cooper.
Petersfield, England-based Stanhope Cooper is a household brokerage engaged in offering insurance coverage and threat administration providers to excessive web value (HNW) prospects and enterprise homeowners.
The 2006-founded Stanhope Cooper will be part of the Ardonagh Advisory platform to enhance Ardonagh’s HNW providing.
In the meantime, Renovation Underwriting offers insurance coverage for high-value initiatives and personal shopper contract works.
The MGA operates as a separate firm from Stanhope Cooper.
It would grow to be part of Ardonagh Advisory’s UK Business MGA to reinforce Ardonagh’s present product line.
Stanhope Cooper managing director William Cooper and Renovation Underwriting managing director Doug Brown will proceed with their respective companies.
Advisory Insurance coverage Brokers CEO Richard Tuplin stated: “By investing in these high-pedigree companies, we’re supporting our technique to proceed enlargement into HNW personal shoppers in addition to giant company and industrial shoppers.
“Stanhope Cooper is a extremely entrepreneurial firm, which has achieved a formidable degree of natural progress and we’re excited to start out work with the staff to help their ambitions.”
Ardonagh Advisory CEO industrial MGA Jaime Swindle stated: “The staff at Renovation Underwriting have a wealth of expertise and robust service relationships that complement our present insurer partnerships and product technique.”