Stanhope Cooper provides insurance and risk management services to high-net-worth customers and business owners. Credit: Charles Forerunner on Unsplash.

Ardonagh Advisory, a unit of The Ardonagh Group, has agreed to buy a majority stake in insurance broker Stanhope Cooper and managing general agent (MGA) Renovation Underwriting.

The financial terms of the transaction, which is subject to regulatory approval, were not disclosed.

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As per the terms of the deal, Ardonagh will purchase a stake in N&W Investments, which owns Insurance Tailors and Porterhouse Brokers, besides Renovation Underwriting and Stanhope Cooper.

Petersfield, England-based Stanhope Cooper is a family brokerage engaged in providing insurance and risk management services to high net worth (HNW) customers and business owners.

The 2006-founded Stanhope Cooper will join the Ardonagh Advisory platform to improve Ardonagh’s HNW offering.

Meanwhile, Renovation Underwriting provides insurance for high-value projects and private client contract works.

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The MGA operates as a separate company from Stanhope Cooper.

It will become a part of Ardonagh Advisory’s UK Commercial MGA to enhance Ardonagh’s current product line.

Stanhope Cooper managing director William Cooper and Renovation Underwriting managing director Doug Brown will continue with their respective businesses.

Advisory Insurance Brokers CEO Richard Tuplin said: “By investing in these high-pedigree businesses, we are supporting our strategy to continue expansion into HNW private clients as well as large corporate and commercial clients.

“Stanhope Cooper is a highly entrepreneurial company, which has achieved an impressive level of organic growth and we are excited to start work with the team to support their ambitions.”

Ardonagh Advisory CEO commercial MGA Jaime Swindle said: “The team at Renovation Underwriting have a wealth of experience and strong carrier relationships that complement our existing insurer partnerships and product strategy.”