Ardonagh Group buys French mutual's insurance broking business

Wednesday 03 October 2018

Jersey-registered Ardonagh Group has bought a British insurance broking business from French mutual Covéa Group for £165 million.

Covéa Group disposed of the Manchester-based Swinton Insurance business in order to focus on its UK underwriting business, rather than insurance broking.

A statement on the Jersey-registered company's website says it intends to fund the purchase with committed financing from their existing bank group, along with cash from monetising certain Swinton assets.

Swinton Group is a UK personal lines broker, with a focus on motor and home insurance and additional leadership positions in specialist lines including caravan, motorhome and motorbike. Last year, it reported turnover of £168million, over one million customers and 1.6 million live policies.

Ardonagh Group CEO David Ross (pictured) commented: “We are delighted to be welcoming Swinton into the Ardonagh group of companies; a personal lines household name steeped in heritage and another best in class brand which will be the perfect addition to our portfolio.

"The opportunity to share expertise in the development of our digital platforms to accelerate the scale and scope of our offerings is clear to see. Swinton is a hugely complementary, highly accretive acquisition, enabling us to occupy a significant space in personal lines broking.”

Pierre Michel, Managing Director of Reinsurance and International Operations at Covéa Group, added: “Over the last few years, Swinton and its Executive Team have transformed and repositioned the business and now is the right time for it to move into new ownership.

"Swinton will become part of a growing and innovative UK insurance brokerage group, and I am confident that being part of The Ardonagh Group will provide Swinton with a great platform from which to deliver significant benefits to all its stakeholders, including its customers and employees.”