The Ardonagh Group has a £300m war chest to fund future growth after completing a successful £2bn debt raise and the acquisitions of Arachas and Bravo Group for a combined value of over £550m. Ardonagh has raised £1.575bn through a unitranche facility and £400m through senior payment-in-kind toggle notes.

Ardonagh has also gained access also to a committed undrawn £300m capital expenditure facility to fund its future growth plans.

The unitranche facility and the capital expenditure facility are being provided by investors including Ares Management Corporation, Caisse de dépôt et placement du Québec, HPS Investment Partners, KKR, Oaktree Capital Management, LP and Owl Rock Capital.

David Ross, chief executive of Ardonagh, commented: “The fact that we have secured this level investment despite the unprecedented uncertainty and market volatility is a huge endorsement of our proposition and the attractiveness of the UK’s world-leading insurance sector to international investors.

“We now have the right capital structure in place backed by specialist, blue chip investors and significant financial firepower to pursue our ambitious plans. We look forward to the future with renewed confidence.”

Ardonagh was formed in 2017 and has grown quickly through acquisition. It includes brands such as Carole Nash and Swinton.

The acquisition of Arachas, the largest independent commercial insurance broker in Ireland, gives Ardonagh a substantial retail insurance presence overseas and within the EU.

Through the acquisition of Bravo, Ardonagh now owns Broker Network, Compass and Ethos Broking.

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