Ardonagh Group has posted a loss of £206.3m for the year ended 31st December 2020, compared to the loss of £74m reported the previous year. It said this was largely due to new borrowing issued in July 2020, increased financing costs and an increased tax charge for the year. Ardonagh announced an operating profit of £47.1m for the year (2019: £3.4m), driven by acquisitions and the delivery of cost savings.

David Ross, CEO of the Ardonagh Group, stated: “Over recent years Ardonagh has grown with purpose to become the most diverse insurance broker, with natural protection against volatility from any one product, sector of the economy or currency.

“Never has that strategy been more tested and never more has it been proven right. In June we announced a powerful new capital structure and support from Ares Management Corporation which left us able to move at pace in response to the changed industry landscape.

He added: “Since the start of the year we have announced further acquisitions in Australia with Resilium, and in the UK and Germany with HWF. It marks a step change in our international strategy to provide firepower to organisations and management teams that are leaders in their fields.”

Ardonagh has a network of over 100 locations across the UK and Ireland and employs more than 7,000 people. Its brands include Autonet, Arachas, Bishopsgate, Broker Network, Carole Nash, Compass UK, Ethos Broking, Geo Underwriting, Price Forbes, Swinton, Towergate and URIS.

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