UK-based Ardonagh Group, which this year bought a majority stake in Australian authorised representative network Resilium, has outlined plans to pursue growth opportunities as it builds on acquisitions over the past year.

Britain’s largest independent insurance broker says “a number of highly accretive” deals in its home market have strengthened its position while it has entered the Australian market as part of its international ambitions.

“In the last 12 months we also made significant progress in our international strategy with acquisitions in Ireland and Australia, partnering with businesses and leaders whose ambitions match ours,” Chairman John Tiner said after the group released its earnings.

“We expect to capitalise on this momentum and see this international expansion continue at pace.”

Ardonagh’s Resilium purchase was reported by insuranceNEWS.com.au in February.

CEO David Ross says there is enthusiasm for a business such as Ardonagh to “effectively stick a new flag in the ground” and there will be “more to come” as the group builds its global presence.

“We are a very, very sizeable business, so we will be a breath of fresh air,” he said. “We have been very well received down in Australia.”

The company, established in 2017, has a network of more than 100 locations in the UK and Ireland and a workforce of more than 7000 people.

Ardonagh income totalled £713.8 million ($2.29 billion) last calendar year, up 46.3% from the previous year, while earnings before interest, tax depreciation and amortisation (EBITDA) rose 36.2% to £151.5 million ($273.5 million).

Pro-forma adjusted EBITDA reached £308 million ($556 million), based on annualised figures including the impact of all acquisitions completed to date. Gross written premium on a pro-forma basis was more than £7.5 billion ($13.5 billion) as of March 24.

The group reported a statutory loss of £206.2 million ($372.2 million), compared to a loss of £74 million ($133.6 million) a year earlier due to one-off transaction costs, financing costs and a higher tax charge.

Ardonagh activity last year included the purchases of the Arachas business in Ireland and also of Bravo Group, while its results presentation flags the imminent completion of a first US acquisition.

Mr Ross says the group has met the challenges of the COVID-19 pandemic and its growth demonstrates a culture of resilience.

“We look with optimism to the rollout of a vaccine and the lifting of lockdown restrictions, knowing we will not return to the way things were but drawing on the experience to become an even stronger global presence,” he said.