By Powerscourt on 25/09/2023
POWERSCOURT ADVISES ARDONAGH ON £1.2BN PERSONAL LINES MERGER
We are proud to have supported our longstanding client, The Ardonagh Group, on a transformational deal which will see its personal lines broking business, Atlanta, merge with Markerstudy to create a new major player in the UK insurance market.
The deal, which values Atlanta at £1.2 billion through a combination of cash and a substantial minority equity stake, defies a depressed M&A market and brings a new challenger to the UK home and motor insurance market for the benefit of millions of consumers.
The combined group will bring together highly complementary capabilities across pricing, underwriting and distribution, and will transact over £3 billion in annual Gross Written Premium (GWP). The combined business will provide a wide range of insurance products, including home and motor insurance, and will employ around 7,300 people across the UK.
Atlanta includes household insurance brands such as Swinton, van specialist Autonet, and leading motorcycle experts Carole Nash, which collectively have over 250 years of operating experience. Atlanta offers a range of mainstream and specialist insurance and serves around 2.6 million customers and transacts around £1 billion in annual GWP.
The transaction exemplifies Ardonagh’s long M&A track-record and thesis of empowering outstanding management teams, backing their ambitions and identifying future strategic opportunities.
Members of Powerscourt’s Financial Services and Dublin teams, comprising Justin Griffiths, Siobhan McCluskey, Madeleine Gordon-Foxwell, Roxane Girard, and Kelli O’Malley, advised Ardonagh on the merger which remains subject to regulatory approval.
Justin Griffiths, Partner, commented: “This transaction exemplifies Ardonagh’s journey from insurance broker to successful asset manager, delivering value for all stakeholders. A retained client since 2015, our work for Ardonagh illustrates Powerscourt’s ability to advise on major transaction communications, and to support our clients through the evolution of their businesses over the long term.”