7 August 2017Insurance

CEO of Towergate owner Ardonagh mulls over IPO

The new UK insurance group The Ardonagh Group which combines Towergate, Autonet, Chase Templeton, Ryan Direct and Price Forbes may be sold or listed on the stock exchange, the CEO reportedly told The Telegraph in an Aug. 6 report.

"Decisions will be based on being in control of our own destiny in 10 years," said chief executive David Ross, who previously ran rescued insurer Towergate.

"We could IPO, could stay with private equity, could go to a trade buyer. We'll enjoy being private for a while, but could be big enough to IPO. In 12 months, when this is a monster, the board will need to talk."

In May 2017, Towergate owners HPS Investment Partners (HPS) and Madison Dearborn Partners (MDP) disclosed their plan to bring together their UK regional network of businesses, which includes Towergate, independent van insurance broker Autonet, private medical insurance brokerage provider Chase Templeton and insurance solutions Ryan Direct Group.

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More on this story

Insurance
31 March 2020   The appointee has 23 years of experience in the insurance industry.
Insurance
21 November 2017   The Ardonagh Group, the UK broker formed this year by the merger of the brands Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate, has posted a solid set of results for the first nine months of the year as it continues to grow through acquisitions.
Insurance
11 October 2017   The new UK insurance group Ardonagh has announced its intention to acquire UK motorcycle broker Carole Nash Insurance Consultants and SME broker Mastercover.