Announcements

Ardonagh Advisory announces intention to purchase Usay Group Limited

10 May, 2021 |Ardonagh Group | M&A

10 May 2021

Ardonagh Advisory Holdings Ltd, a subsidiary of The Ardonagh Group (“Advisory”, “the Group”), today announces it has exchanged contracts in relation to the purchase of Usay Group Limited (Usay), one of the largest consumer Personal Medical Insurance and Protection Insurance brokers in the UK.

Established in 2008, Usay’s compelling comparison service for health insurance, life insurance and income protection is renowned in the sector, having built a well-established client base organically over the course of the last 12 years which strongly continues.

Today, the Cirencester-headquartered business is powered by a 195-strong team and in 2020 generated revenue of £18.4 million. Upon completion, Usay will operate as part of the Ardonagh Advisory platform, complementing existing offerings from Towergate Health & Protection, winner of Adviser of the Year at the 2019 and 2020 Health Insurance & Protection Awards.

Iain Laws, CEO of Towergate Health & Protection, will lead both businesses. Mark Noble, currently Managing Director at Usay having joined the business from Aviva in 2019, will continue to head up the Usay brand as CEO.

The acquisition will follow on from the acquisitions of two brands – Chase Templeton in 2017, and The Health Insurance Group in 2018 – which were subsequently integrated to form part of Towergate Health & Protection.

Commenting on the announcement, Rob Worrell, CEO of Ardonagh Advisory said:

“It’s great to be continuing the growth story of Ardonagh Advisory today, which I’m proud to say has remained uninterrupted throughout the past 12 months thanks to the strength and resilience of the Group and the dedication and client-focus that colleagues across our brands continue to show every day.

“Usay is a business we have long admired, so we are thrilled to be announcing our intentions to bring them into the family, expanding our offering in the health arena and unlocking opportunities for innovation.”

Iain Laws added: “The addition of such a strong consumer brand as Usay cements Ardonagh’s position as the home of leading health and protection brokerage.

“The impacts of the pandemic have reinforced the need and importance of health, wellbeing and protection cover, and we are looking forward to supporting the Usay team in their quest to help even more clients across the UK to benefit from Usay’s advice and support in their health, life and protection insurance needs.”

Completion of the transaction is subject to regulatory approval.


Notes to editors

ARDONAGH ADVISORY

Ardonagh Advisory Holdings Ltd is The Ardonagh Group’s SME broking platform comprised of Broker Network, Compass Network, Ethos Broking, Footman James, Towergate Insurance Brokers, Towergate Health & Protection, Towergate Riskline and Your Insurance brands.

With legacies which laid the foundations for the creation of The Ardonagh Group, these are advice-led, community-focused businesses with an unrivalled local footprint of experts across a wide range of sectors and specialisms, combined with national and international reach.

TOWERGATE HEALTH AND PROTECTION

Towergate Health & Protection, which has its registered office in West Park House, Southampton, combines a whole of market, independent insurance broking service for businesses and individuals throughout the world with specialist health and wellbeing advice and solutions. The company aims to help clients manage their health risks and improve the wellbeing of themselves, their families and employees, resulting in a healthy, motivated and productive workforce.

www.towergatehealthandprotection.co.uk

USAY

Having launched in 2008, Usay is a market leading comparison service for health insurance, life insurance and income protection, removing the hassle and confusion from comparing policies and providing the best quotes on the market. With a head office in South Cerney in Gloucestershire and further offices in Bristol and Victoria, London, Usay focuses on making cost-effective private medical care, straightforward and accessible.

www.usaycompare.co.uk

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