Broker Ardonagh mulls major expansion as it sets up European business

Ardonagh Group, the UK's largest independent insurance broker with global reach, has launched a Dublin-based European business as part of its continued expansion and investment into the international markets.

Ardonagh Europe will be led by Conor Brennan (pictured), who has been the chief executive of Arachas since 2018.

The new division will form part of the Ardonagh International segment and operate alongside Ardonagh Global Partners.

Ardonagh Europe will bring together a number of businesses, and intends to replicate Arachas’s model across Europe, acquiring platform businesses and then building organically and through bolt-on acquisitions.

Ardonagh has made a number of acquisitions in 2020, including Hooper Dolan and fintech Orange Bear. Earlier this month it announced the opening of the Ardonagh Global Data and Risk Management Centre in Mullingar, Ireland, and the creation of 60 data science and analysis roles.

Ardonagh will complete the $500 million acquisition of Ed Broking Group and Besso Insurance in 2021. The group expects further substantial growth and investment into international markets over the next 12 months and beyond.

“The launch today of Ardonagh Europe signals our continued focus on increasing our global footprint,” said David Ross, chief executive of Ardonagh Group. “We have spent the last twelve months building a meaningful pipeline in geographies which present us with significant complementary opportunities.”

“Almost a year to the day since we acquired Arachas, we are poised to execute on our campaign in Europe, with Conor and his newly formed team perfectly positioned to establish themselves as the partner of choice for extraordinary businesses,” he added.

Brennan, chief executive of Arachas and of Ardonagh Europe, added: “ Ardonagh has a special culture and a unique strategy to acquire and invest in brokerages, MGAs, and strategically significant service providers while retaining and empowering leaders. We have established a strong pipeline of acquisitions; making them a reality is a dream job.”

Under Brennan's leadership, Ardonagh Europe team will include Maria Cospito as chief commercial officer, and Colin O’Reilly as chief acquisitions officer.

Cospito was most recently head of Navigators & General at Zurich Insurance Company, while O’Reilly joins from the Ireland Strategic Investment Fund (ISIF), the €9 billion Irish sovereign wealth fund, where he held the role of senior investment manager.

John McCarthy, in addition to his current role as CFO of Arachas, will assume the role of CFO for Ardonagh Europe.

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