Ardonagh Advisory Acquires UK Medical Insurance Broker, Usay Group
Ardonagh Advisory Holdings Ltd, a subsidiary of The Ardonagh Group, announced it has acquired Usay Group Ltd., one of the largest consumer personal medical insurance and protection insurance brokers in the UK.
Financial terms of the deal were not disclosed.
Launching in 2008, Usay is a market-leading comparison service for health insurance, life insurance and income protection, said Ardonagh in a statement. With a head office in South Cerney in Gloucestershire, England (near Cirencester) and additional offices in Bristol and London, Usay focuses on making cost-effective private medical care, straightforward and accessible. The company employs a team of 195.
Usay brings an organic growth capability to the Ardonagh Advisory platform where it will complement existing offerings from Towergate Health & Protection, according to Ardonagh.
Iain Laws, CEO of Towergate Health & Protection, will lead both businesses. Mark Noble, currently managing director at Usay, will continue to lead the Usay brand as CEO. He joined the business from Aviva in 2019.
Meanwhile Usay Directors Kim Tomkins and Andrew Hall will oversee the transition into Ardonagh Advisory as consultants over the next six months, before moving on to explore new opportunities.
“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,” commented Rob Worrell, CEO of Ardonagh Advisory.
“Today is a real celebration for us as we welcome onboard a business that has been at the top of our wish list for a long time, cementing Ardonagh’s position as the home of one of the UK’s leading health and protection brokerages,” said Iain Laws, CEO of Towergate Health & Protection.
“The Usay team consists of an incredibly talented set of individuals who I know will only enhance the excellent capability we already benefit from through our knowledge and expertise across Towergate Health & Protection,” Laws added.
“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,” said Usay’s CEO Noble.
“I’d like to take this opportunity to thank Kim Tomkins and Andrew Hall, whose invaluable support in driving forward the business for over a decade, and in particular with the move into Ardonagh Advisory, has been crucial to our success. I’m extremely grateful for their offer of continued consultancy over the next few months while we settle into our new home and transition forward into the next thrilling phase of our journey,” Noble continued.
This acquisition follows the acquisitions of two brands – Chase Templeton in 2017, and The Health Insurance Group in 2018 – which were subsequently integrated to form part of Towergate Health & Protection.
Completion of the transaction is subject to regulatory approval.
About Ardonagh Advisory Holdings and Towergate Health & Protection
Ardonagh Advisory Holdings Ltd is The Ardonagh Group’s SME broking platform comprised of Broker Network, Compass Network, Ethos Broking, Footman James, Towergate Insurance Brokers, Towergate Health & Protection, Towergate Riskline and Your Insurance brands.
Towergate Health & Protection, which has its registered office in West Park House, Southampton, combines a whole of market, independent insurance broking service for businesses and individuals throughout the world with specialist health and wellbeing advice and solutions.
Source: The Ardonagh Group