Geo Underwriting, The Ardonagh Group’s MGA segment, has announced that it has completed the acquisition of market-leading and award-winning loss recovery insurance MGA and assistance specialist, Lorega Holdings Limited, with the management team continuing to retain a shareholding in the new entity.
Lorega is the UK’s leading supplier of loss recovery insurance, specialising in claims services to help brokers’ clients prepare, negotiate and settle their insurance claims. The company is headquartered in Central London and employs a 26-strong team.
The business will continue to be led by Managing Director Neill Johnstone and operate independently under the Lorega brand.
The transaction marks an exit for Alcuin Capital Partners which backed Lorega’s management buyout in February 2016, with management retaining a shareholding in the new entity.
Lorega Managing Director, Neill Johnstone, said: “We are extremely grateful for the support of Alcuin over the last six years and are thrilled to be joining Geo Underwriting, where we will sit alongside a host of leading industry brands.
“We remain committed to all our UK brokers and to the service excellence we provide to them and their customers. We look forward to continuing to build our relationships with the broking industry across the UK and to bring more policyholders the expert support they need when they encounter an unexpected loss or damage.”
Derek Coles, Ardonagh MGA CEO, commented: “Lorega is a real specialist and leader in the loss recovery insurance market with a wealth of experience within the team. We are excited about the potential to support their growth with both commercial and consumer clients and investing in digital platforms to extend the product distribution even more widely to the market.”
Graham Morrison, Investment Director at Alcuin, said: “We are very pleased with what is a very successful exit for the Fourth Alcuin Fund, and of course wish management at Lorega the very best for the future. Under this team the business has grown in size and strengthened its formidable position as the UK’s leader in loss recovery insurance. It has been a pleasure to have worked with them and we look forward to seeing the business develop further in the future.”