Ardonagh slices losses by almost half for first nine months of 2018

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The Ardonagh Group cut down on its losses for the first nine months of the year, down to £48.9m compared to £92.7m in 2017.

While the group continued to be loss making, it saw positive movement in its adjusted Ebitda, which grew 31.2% to £94.2m.

Income over the nine months increased by 11.2% to £379.8m.

Ardonagh Group CEO David Ross, pictured, said: “The latest results are another solid demonstration of new business, customer retention and investment continuing to drive profitable growth. 

“Following the sale of our Commercial MGA and the Claims business, and strategic purchases in broking and distribution, we are focused on driving value from our core markets. 

“Having spent the last three years talking about investments in people and infrastructure, it’s great to see Ardonagh enjoying the benefits.” 

In September, Ardonagh inked a £165m deal to purchase broker Swinton from Covéa. This remains subject to regulatory approval.

Since the reporting period ended, Ardonagh has taken on a $235m bond to finance the Swinton acquisition. It has also agreed to sell its schemes and programmes claims business to Davies Group, for up to £36m. The sale of its commercial lines underwriting business to Arch, for £31m, has also been agreed and remains subject to the regulator’s approval.

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