Ardonagh Advisory Holdings has agreed to acquire British consumer personal medical insurance and protection insurance broker Usay Group.
This comes months after Ardonagh Advisory Holdings unveiled plans to acquire Usay Group to bolster its footprint.
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The financial terms of the acquisition were not disclosed. The completion of the transaction is subject to regulatory approval.
Established in 2008, Usay provides comparison service for health insurance, life insurance and income protection. The business now employs around 195 people.
Usay’s headquarters is located in Gloucestershire. It also has offices in Bristol and Victoria, London.
The acquisition will support the growth of the Ardonagh Advisory platform expanding Towergate Health & Protection’s offerings.
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By GlobalDataArdonagh Advisory CEO Rob Worrell said: “Today’s acquisition comes at a crucial time not only for us as a business, but for our clients and the wider industry; it has never felt more important to ensure health and wellbeing are prioritised.
“Bringing Mark and the Usay team into the Ardonagh Advisory family is a huge coup for us, further strengthening our already renowned capability in the consumer health and protection space and I look forward to seeing how we can work together to innovate in our client delivery.”
Usay CEO Mark Noble said: “My fellow shareholders and I are delighted with the move into such a dynamic, innovative and exciting group of businesses among the Ardonagh Advisory platform, which will allow us to fast-forward into the next chapter of our strategic development.”
As agreed, Towergate Health & Protection CEO Iain Laws will lead both businesses, while Noble will continue to head the Usay brand as CEO.
Usay directors Kim Tomkins and Andrew Hall will work as consultants over the next six months to support the transition and then will move on to explore new opportunities.
