’[The acquired businesses] will benefit from joining and we will benefit from having them,’ says chief commercial officer

Ardonagh Advisory is looking to build capabilities and expertise as part of its M&A strategy to help “better serve its client base”.

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That was according to chief commercial officer Phil Bayles, who made the statement after the SME broker platform of the Ardonagh Group acquired a majority stake in Stanhope Cooper and Renovation Underwriting.

Stanhope Cooper is a multi-generation family brokerage based in Petersfield that focuses on providing insurance and risk management advice to high-net-worth (HNW) private clients and business owners.

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

After Ardonagh Advisory announced the acquisitions in April 2023, Bayles told Insurance Times that the business was looking to ”turbocharge” its ability to grow in the HNW sector.

And he said the company’s goal was to build capabilities and expertise rather than acquiring businesses for the ”sake of scale”.

He said: “[The acquired businesses] will benefit from joining and we will benefit from having them because we can then bring another high-quality specialist into our portfolio of specialisms and we’ll enjoy the growth alongside them.

“Some [companies] need to buy to scale up.

“What we’re interested in is building capability and expertise so that we can better serve our client base.”

Solution 

Prior to announcing the two acquisitions, Bayles told Insurance Times in March 2023 that it was targeting a “regular drumbeat” of M&A deals this year.

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After acquiring a majority shareholding in Stanhope Cooper and Renovation Underwriting, he said that by pursuing a combination of organic growth and strategic acquisitions, Ardonagh Advisory hoped to serve a diverse range of clients and offer value-adding solutions to meet their needs.

“What we’re trying to do is make sure that whatever our clients need, whether that’s a commercial business or whether it’s an individual, we have the solution for those needs,” Bayles said.

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