Ardonagh Advisory has acquired Lancashire-based personal lines broker BP Insurance Brokers.
Founded in 1958 in Blackpool, BP Insurance Brokers provides both commercial and advised personal lines and has grown into a high street insurance broker for the Fylde Coast area with additional branches in Cleveleys, Lancaster, and St Annes.
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Managing director Barry Pimlott will continue to lead the 44-strong BP Insurance Brokers team once it moves to Ardonagh.
Richard Tuplin, CEO Advisory Insurance Broking Ltd, said: “We are delighted to be acquiring a fantastic business with Barry and his team, expanding our Northern Powerhouse in regional broking as well as driving forward our national proposition through added expertise in the specialist personal lines arena.”
Barry Pimlott added: “Joining the scale and collective expertise of Ardonagh Advisory, we unlock further opportunities to help our clients make insurance straightforward and affordable, a purpose this business has been dedicated to in Lancashire and beyond for 66 years.”
Ardonagh Group has also reached an agreement to acquire Australia-based PSC Insurance Group, valuing its equity at A$2.25bn ($1.48bn).
Under the signed scheme implementation deed (SID), Ardonagh offered to acquire all the issued ordinary shares in PSC in cash for A$6.19 apiece.
This price marks a 32.7% premium to PSC’s undisturbed three-month volume-weighted average price and a 27.6% premium to the company’s undisturbed stock close of A$4.85 on 12 March 2024.
PSC, with more than 40 brands and operations across multiple countries, manages more than A$2.59bn in gross written premiums (GWP) and employs 900 staff.
Founded by Paul Dwyer in 2006, the insurer’s international operations span Australia, Bermuda, Hong Kong, Ireland, New Zealand, the UK and Vietnam.
