UK-based Ardonagh, the owner of Australia’s Resilium and Ethos Broking, says it’s well placed to pursue further mergers and acquisitions (M&A) following strong first-half results and with additional funding provided by shareholders and lenders.

“The first half of the year marked significant international expansion with the launch of Ardonagh Global Partners and Ardonagh Europe, forming our new international platform, and we were pleased to welcome new colleagues from Australia, Ireland, Germany, Chile, Bermuda and the US as well as the UK,” CEO David Ross said.

Ardonagh income rose 33.4% to £433.2 million ($826.1 million) in the six months to June 30 while adjusted earnings before interest, tax, depreciation and amortisation rose 53.4% to £153.3 million ($292.4 million).

The results were underpinned by 10% organic income growth in the latest quarter and M&A momentum, particularly in specialty and international.

The reported loss narrowed to £41.3 million ($78.8 million) compared to £94.1 million ($179.5 million) in the previous corresponding period following an improvement in the operating result and a reduction in financing costs.

Ardonagh Global Partners was formed after the February expansion into Australia with the acquisition of Resilium. Group initiatives have also included creating a global data centre and the launch of reinsurance broker Inver Re.

The capex, acquisition and reorganisation facility, backed by existing lenders, has been increased by £550 million ($1 billion) and existing shareholders have subscribed for a further £350 million ($667 million) in equity.

“This combined funding will enable the group to continue executing its M&A and investment strategy at pace both in the UK and internationally,” Ardonagh says.

Mr Ross says the further firepower provided by investors is a “ringing endorsement” and a strong vote of confidence in the future trajectory of the group.