UK-based insurer Ardonagh Group has acquired specialist MGA Thames Underwriting, which offers insurance solutions to brokers in the construction, leisure and commercial sectors.

Financial details of the deal were not disclosed.

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Under the agreement, Thames will become part of Ardonagh’s suite of MGA brands and operate within Geo Specialty Group.

Thames has partnerships with over 600 independent brokers. It also manages several delegated underwriting authorities on behalf of Lloyd’s and A rated insurers such as Allianz, AXA XL, Liberty, and QBE.

Ardonagh MGA Binders and Facilities CEO Derek Coles said: “As a strong brand with brokers across the UK known for their professional underwriting approach and hands-on service proposition, Thames is a great addition to Ardonagh’s suite of MGA brands.

“With a proven track record and access to specialist schemes, facilities and bespoke products, Thames’ team of highly experienced underwriters further bolsters the Group’s specialist MGA with Geo Underwriting increasing capability, particularly in construction, and greatly expanding on the breadth and depth of products we have to offer the UK’s regional market, with a specific emphasis on independent brokers. We look forward to working together in their next growth chapter.”

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Thames managing director Keith Syrett said: “Having set up the business with Philip Thomas in 2010, we’re delighted to now be joining The Ardonagh Group and join a host of industry leading brands.

“We believe this is a fantastic opportunity for the business, propelling us towards our goal of being a market leading MGA in our sector.

“With new products planned and an increase in regional presence, we’re committed as ever to UK brokers and look forward to further developing these relationships.”

In 2018, Arch Insurance Europe agreed to buy the UK commercial lines business of The Ardonagh Group in a transaction valued at around £31m.