Nevada Investment Holdings has announced its purchase of the remaining 19.9% of the Broker Network business from The Ardonagh Group.
Nevada will acquire the 19.9% stake in exchange for cash consideration of up to £30 million, subject to meeting certain business performance measures.
Commenting on this news today, Matthew Raino of Nevada commented:
“Broker Network has performed very well since our initial investment in July 2016, completing 9 acquisitions as part of their mission to build regional centres of broking excellence and continuing to provide market leading services to its Members. We look forward to supporting the Company during the next phase of investments and growth as part of our broader focus on the UK insurance services space.”
Janice Deakin, Deputy CEO of The Ardonagh Group added: “It’s clear from all we have done in Ardonagh so far that we have no shortage of ambition and a track record of making things happen. We have a clear model of majority ownership of all the businesses in the Group excluding Broker Network, which operates a model that works well for brokers needing the support of a network either as a member or an owner whilst retaining an individual level of independence and ownership of their business. We see these strategies as very complementary for our joint shareholders.
For Ardonagh this transaction provides further resources to support our ambitions, whilst retaining a strong relationship with Broker Network through the support and guidance of our common shareholders. The Ardonagh Group companies, including our MGAs and Bishopsgate continue to provide services and products to Broker Network Members and that will remain unchanged.”