UK-based Ardonagh has entered the reinsurance broking space with the launch of Inver Reinsurance Brokers, which it says will harness its scale and resources to be a top five global player.

Ardonagh, which is a top 20 broker globally, acquired Australian authorised representative network Resilium earlier this year, appointing Paul Lynam as Chairman of the group’s wider Australian operations.

The group has also acquired the insurance operations of British BGC Partners, including Sydney-based Epsilon Underwriting. Ardonagh Global Partners was formed in April to expand the group’s international presence.

Ardonagh already operates Ethos Broking UK, a business that has grown since 2016 to have combined gross written premium of £301 million ($609.97 million). Ethos Broking Australia was launched in Australia on June 1, headed up by former Resilium MD Adrian Kitchin.

Group CEO David Ross says “there has never been a better moment to launch an independent reinsurance broker” such as Inver Re.

“We’re incredibly excited to build a credible alternative in a market where choice and flexibility are increasingly hard to come by.”

Inver Re says it will craft risk strategies using traditional actuarial methods combined with sophisticated data science.