Ardonagh confident over coronavirus readiness

Broking group Ardonagh said that it is a strong position to weather the impact of the coronavirus pandemic as it recorded a rise in income of 26.6% to £667.5m in 2019 and a 66.6% increase in adjusted EBITDA to £183.4m. The acquisitive broking group also recorded a 16.1% increase in operating costs to £484.1m.

The group added that it finished the year with a liquidity position of £181.7m.

Looking forward, chairman John Tiner commented: “Our highly diversified product portfolio, scale, efficiency and flexible operating platforms limits our reliance on any single part of the UK economy, leaving us in a in a strong position from which to weather the impact of the Covid-19 pandemic.”

The group’s 2019 results also noted the completion of the roll out of the Acturis platform and “significant progress in our placement strategy to reduce the number of carriers and deliver better outcomes for clients.”

The Swinton acquisition was also ahead of plan, insisted Ardonagh, with significant cost reductions achieved during the year. "The business has been transformed by a move onto Atlanta’s digital platform, a simplified suite of products and the addition of new panel members,” it said.

CEO David Ross added: “2019 already seems like a long time ago. As we look ahead to a period of domestic and global uncertainty, all the work that has taken place since the formation of the group to upgrade our systems, diversify our business and connect our people and clients leaves us well positioned to adapt and remain resilient. We will continue to serve our clients however we best can.”

Formed in 2017, Ardonagh’s brands now include Autonet, Bishopsgate, Carole Nash, Geo Underwriting, Price Forbes, Swinton, Towergate and Uris.

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