ARDONAGH INCOME RISES AS IT WEATHERS COVID-19

Acquisitive UK insurance broking and managing general agent (MGA) business Ardonagh has reported an almost 4% rise in income to £324.8m for the first six months of 2020. However, expenses increased almost 6% to £224.9m for the period. David Ross, Ardonagh CEO, said: “These financial results illustrate a very limited profit impact from Covid-19; a testament to our business resilience, diversification, scale and the highly successful investment in infrastructure over the last three years. Furthermore, trading in July and August 2020 is materially ahead of prior year.” During the first half, Ardonagh acquired Bravo and Arachas, and completed its purchase of Bennetts in August. The group also raised debt in July - to repay existing borrowing and fund acquisitions - including a £1.58bn senior secured term loan facility, a £300m facility, $500m senior notes and an £191.5m revolving credit facility.