Ardonagh reduces loss in 2018 9M results
UK-based insurance broker Ardonagh Group which includes has reduced its loss in the nine months ending September 2018 compared to the previous year.
The Ardonagh Group was created in June 2017, bringing together Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate, with the additional acquisitions of Healthy Pets in August 2017, and Carole Nash and Mastercover announced in December 2017.
The group has reported a loss of £48.9 million for the period between January and September 2018 compared to £79.9 million in the same period a year ago. At the same time, the income from commissions and fees jumped to £401.7 million from £289.1 million over the period.
During the period, Ardonagh agreed to acquire broker Swinton Holdings from Covéa Group for a consideration of approximately £165 million.
The operating loss shrank to £12.8 million in the first nine months of 2018 from £40.8 million in the same period of 2017.
“The latest results are another solid demonstration of new business, customer retention and investment continuing to drive profitable growth,” said Ardonagh Group CEO David Ross.
“Following the sale of our commercial MGA (managing general agent) and the claims business, and strategic purchases in broking and distribution, we are focused on driving value from our core markets.
“Having spent the last three years talking about investments in people and infrastructure, it’s great to see Ardonagh enjoying the benefits.”
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