Geo Underwriting, The Ardonagh Group’s MGA segment, today announces that it has completed the acquisition of market-leading and award-winning loss recovery insurance MGA and assistance specialist, Lorega Holdings Limited, (“Lorega”) with the management team continuing to retain a shareholding in the new entity.
Lorega is the UK’s leading supplier of loss recovery insurance, specialising in claims services to help brokers’ clients prepare, negotiate and settle their insurance claims. The company is headquartered in Central London and employs a 26-strong team.
The business will continue to be led by Managing Director Neill Johnstone and operate independently under the Lorega brand.
The transaction marks an exit for Alcuin Capital Partners which backed Lorega’s management buy-out in February 2016, with management retaining a shareholding in the new entity.
Lorega Managing Director, Neill Johnstone, said: “We are extremely grateful for the support of Alcuin over the last six years and are thrilled to be joining Geo Underwriting, where we will sit alongside a host of leading industry brands.
“We remain committed to all our UK brokers and to the service excellence we provide to them and their customers. We look forward to continuing to build our relationships with the broking industry across the UK and to bring more policyholders the expert support they need when they encounter an unexpected loss or damage.”
Derek Coles, Ardonagh MGA CEO, commented: “Lorega is a real specialist and leader in the loss recovery insurance market with a wealth of experience within the team. We are excited about the potential to support their growth with both commercial and consumer clients and investing in digital platforms to extend the product distribution even more widely to the market.”
Graham Morrison, Investment Director at Alcuin, said: “We are very pleased with what is a very successful exit for the Fourth Alcuin Fund, and of course wish management at Lorega the very best for the future. Under this team the business has grown in size and strengthened its formidable position as the UK’s leader in loss recovery insurance. It has been a pleasure to have worked with them and we look forward to seeing the business develop further in the future.”
NOTES TO EDITORS
Press enquiries: communications@ardonagh.com
About Lorega
Lorega is the UK’s leading supplier of Loss Recovery Insurance, an insurance policy which provides and pays for the cost of an independent expert loss adjuster, authorised by the FCA, to help a broker’s clients prepare, negotiate and settle their insurance claims. These expert services are also available on demand.
About Geo Underwriting
Geo Underwriting is a full service chartered managing general agent (MGA), offering a wide underwriting footprint, broad product range and A-rated capacity. A forward-thinking MGA and Lloyd’s cover-holder, Geo Underwriting provides specialist insurance solutions for emerging and existing risks that cater to non-standard and niche sectors, across multiple business lines for both the UK and international markets. Employing over 600 people and housing multiple market-leading specialist brands, Geo offers brokers freedom of choice and access to specialist underwriting in the insurance market.
About The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are a collection of best-in-class entrepreneurial and specialist brands with a network of more than 100 locations and a combined workforce of more than 9,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.
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