Ardonagh reduces loss in H1
UK insurance intermediary Ardonagh group has lowered its losses in the first half of 2018 compared to the same period of 2017 while investing in the business.
The loss for the first six months of 2018 decreased to £32.8 million from £45.2 million a year ago.
The group noted that investment in the business costs associated with acquired companies including increased group amortization and increased financing costs weighed on the performance.
The group acquired the right to renew for a number of business lines in February for a total consideration of £7.0 million. Ardonagh also completed the acquisition of business and assets from Haven Insurance Brokers. Furthermore, the company purchased business and assets from The Trust Insurance Group.
The Ardonagh Group combines Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate.
The group grew commission and fees to £270.7 million in the first half of 2018 from £168.5 million in the same period of 2017.
The operating loss shrank to £4.2 million from £23.2 million over the period.
“Our focus for the first half of this year has been on embedding the operational structure of a Group that is unrecognizable from what it was 12 months ago,” said CEO David Ross.
“We now look towards the second half of the year as the largest diversified intermediary in the UK, a platform from which we will continue to flourish,” Ross added.
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