Ardonagh buys specialist PI broker
Hera Indemnity, which specialises in professional indemnity insurance for solicitors and brings GWP of £41m, will become part of Ardonagh Advisory alongside brands including Ethos Broking, Broker Network, Compass UK and Towergate's regional branch network.
Ardonagh Advisory has bought Lloyd’s broker Hera Indemnity for an undisclosed sum.
Hera provides professional indemnity (PI) insurance to solicitors across England and Wales and brings £41m of gross written premium to Ardonagh Advisory.
The London-based broker was founded in 2004 and specialises in servicing the needs of solicitors, legal professionals and the wider professional services sector.
Staff
Hera is led by chief executive officer Patrick Bullen-Smith and has 25 staff. It transacts business on a retail and wholesale basis backed by A-rated insurers.
Following the completion of the deal, Hera will operate as part of the wider Ardonagh Advisory platform, which is the Ardonagh Group’s SME broking division.
It comprises the Broker Network, Compass UK, Ethos Broking, Footman James, Towergate Insurance Brokers, Towergate Health & Protection, Towergate Riskline and Your Insurance brands.
Expertise
Ardonagh Advisory CEO Rob Worrell commented: “The acquisition of Hera is an excellent start to the year. Hera is set to further bolster our existing PI capability, enhancing the offering and expertise we can provide to clients and prospects across Towergate.
“Its wholesale capabilities will further help intermediary networks and specialist brands within the wider Ardonagh Group to find insurance solutions for professions facing shrinking capacity and hardening rates.
“We look forward to working alongside Patrick and the team as they accelerate their growth ambitions in 2021 and beyond.”
Hardening market
Hera CEO Patrick Bullen-Smith said: “We see no let-up in the hardening of the PI market, making the importance of risk advice and presentation to insurers even more critical.
“Insurers are increasingly looking at professional indemnity and cyber security together and – as a firm which arranges PI insurance for over 15% of UK solicitor firms - we are proud to have developed a holistic proposition for both.”
He concluded: “It became clear during our conversations with the team at Ardonagh that they empower and invest in specialist teams and harness their size to deliver the best outcomes for their clients. We’re looking forward to being part of a larger independent platform.”
Ardonagh detailed that the deal is subject to regulatory approval.
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