Home / Corporate / Ethos Broking set to pursue acquisitions
7 June 2021
Ethos Broking Australia will be looking at merger and acquisition opportunities in the local market as part of Ardonagh Group’s expansion of its global operations.
Ethos, launched by Ardonagh Global Partners last week, says it has a strong pipeline of businesses it plans to invest in and acquire, as it offers succession planning, exit strategies and the provision of capital for brokers to grow their existing operations.
UK-based Ardonagh is in a growth phase, making acquisitions in its home market and overseas, as it pursues opportunities amid a period of consolidation in the insurance broking sector.
The company purchased authorised representative network Resilium earlier this year and appointed Paul Lynam as Chairman of the wider Australian operations.
“Through the strong backing of our parent company, Ardonagh, Ethos Broking Australia has the financial capacity to either fully acquire, or partly acquire, Australian insurance businesses that align with our own cultural fit, which is vitally important to us,” Mr Lynam said.
Adrian Kitchin, who led the Resilium management buyout from Suncorp in 2019, has been appointed Ethos Broking Australia CEO. Ben Hastie becomes Resilium MD, moving from his current role as Director, Broking.
Mr Kitchin says Ethos will offer brokers flexibility in how they work with the group to reach their individual aspirations.
“For those that want to stay in the business and partner with us to implement growth strategies, we are ready to support them long-term,” he said.
“Equally, for those thinking about taking a step back, Ethos provides an alternative to consolidation, bringing their business into a growing and connected group of strong regional brands.”
Ardonagh’s Ethos Broking UK, which started in 2016, has grown to 13 regional hubs and 27 satellites with a combined gross written premium of £301 million ($553 million).