Ardonagh Advisory, a subsidiary of The Ardonagh Group (Ardonagh), has announced the acquisition of The Professional Broking Group for an undisclosed sum.
The acquired firm, which trades as The Professional Indemnity Company, specialises in offering professional indemnity (PI) insurance for all professions, including solicitors, architects, surveyors, engineers and accountancy firms.
With £20m in gross written premiums, the PI firm will operate as a unit of the Ardonagh Advisory platform.
Ardonagh Advisory CEO Rob Worrell said: “The Professional Indemnity Company has a well-earned reputation as a market-leading specialist, providing hands-on, customer-focused support to its clients, in addition to exceptionally broad market access.”
The Professional Indemnity Company managing director Scott Harrison said: “Ardonagh offers a whole new level of opportunity and being part of a business of its scale is a great day for both our specialist team of staff and our clients, every one of which remains important to us.”
In a separate statement, Ardonagh announced that it has completed the acquisition of Portuguese insurance broker and risk management provider MDS.
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Porto-headquartered MDS has offices in Lisbon and 13 other locations in Portugal.
It is also present in Angola, Mozambique, Spain, Switzerland, Malta, and Brazil, where MDS is claimed to be the largest independent broker.
With a team of 1,000 people, each year, MDS is said to manage approximately €900m in insurance premiums for 1.2 million private and business clients.
Ardonagh Global Partners CEO Des O’Connor said: “We look forward to injecting more resource and capital into the business to become brighter and bolder as they continue to take full advantage of the fast-growing and evolving Portuguese and Brazilian insurance markets and economies.”