The Ardonagh Group has announced its results covering the three months to 31 March 2021.
Group income increased by 24.8% to £199.7 million for the quarter and Adjusted EBITDA by 52% to £66.3 million due to a combination of acquisitions and continued organic growth, with particularly strong organic growth in Specialty driven by a successful producer hiring programme.
The Group completed several acquisitions during the quarter including telematics specialist Marmalade, PI broker Hera Indemnity, Australia’s largest independently owned intermediary network, Resilium and US healthcare and benefits underwriter AccuRisk Solutions.
Margins have been improved by growth initiatives including carrier facilities, closer collaboration across the Group and platform integration.
Operating cash conversion was maintained at 97% and free cash flow was strongly positive for the 12 months to 31 March 2021. Available liquidity was maintained at over £290 million.
Group CEO David Ross said: “Ardonagh continues to deliver strong results across all our operating platforms. We have created a compelling proposition for individuals and companies that value independence, agility and scale. Every addition to the group has broadened our client proposition and made us stronger as a Group and each in turn is stronger as part of a larger collective. We will maintain our disciplined approach to acquisitions whilst continuing to integrate within the platforms and collaborate to deliver the best solutions for our clients.”
