Ardonagh’s Geo Underwriting has exchanged contracts to purchase the commerce and belongings of the agriculture specialist.
Ardonagh Group has purchased the commerce and belongings from Rural Insurance coverage Group for an undisclosed sum.
The agricultural and agriculture specialist, which was beforehand owned by Major Group, will be a part of Ardonagh’s suite of managing normal agent manufacturers together with Geo Underwriting, AIUA and BIBU.
Ardonagh defined that contracts have been exchanged and accomplished by Geo Underwriting Companies in relation to the acquisition.
Rural is predicated in Harrogate and works with over 600 UK brokers. A spokeswoman for Ardonagh advised Insurance coverage Age that 50 workers could be transferring throughout as a part of the deal.
The transaction follows Ardonagh’s buy of bike dealer Bennetts Motorcycling Companies from Saga final month.
Derek Coles, CEO for MGA binders and amenities at Ardonagh, mentioned: “Rural completely encapsulates what we attempt for all Ardonagh’s specialist MGA manufacturers to be.
“It’s a enterprise firmly embedded within the communities it serves and famend not just for its merchandise throughout farming, rural and related motor traces, however the experience, service mannequin and worth it delivers to clients.
“The addition of Rural to the household additional strengthens our dedication to serving the UK’s regional broking market with specialist options from devoted consultants and trusted manufacturers.”
David Cahoon, managing director of Rural, added: “At Rural, we’re excited to be becoming a member of Ardonagh’s specialist MGA portfolio alongside many properly revered and like-minded manufacturers.
“We sit up for harnessing the dimensions and collective energy of the UK’s largest impartial insurance coverage broking platform to additional improve our dedication to serving to UK brokers serve the agricultural market, from the very small to the very giant.”
Cahoon took over as MD of Rural in March 2018, after former MD Ian Barclay resigned in July 2017.
Rural specialises in farm mixed, farm motor and rural enterprise motor insurance coverage and was a part of UK Common till September 2015, when the agency created three enterprise models of private traces (schemes), Rural Insurance coverage and One Industrial.
The enterprise remained with Major Group when UK Common was offered to personal fairness agency JC Flowers in March 2017.
A spokeswoman for Major Group-owned Rural and Industrial Holdings advised Insurance coverage Age that the remainder of the group, together with One Industrial, stays unaffected.
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