Ardonagh Advisory Holdings Ltd (“Ardonagh Advisory”) has announced that it has agreed to purchase Hera Indemnity Ltd (“Hera”), leading providers of Professional Indemnity (PI) insurance solutions to solicitors across England and Wales.
Founded in 2004, Hera is a Lloyd’s Broker based in London with £41 million GWP under management specialising in servicing the needs of solicitors, legal professionals and the wider professional services sector. Led by CEO Patrick Bullen-Smith, the 25-employee business has seen successive growth in GWP since its inception, transacting business on a wholesale and retail basis backed by the support of A-rated insurers. Upon completion, Hera will operate as part of the wider Ardonagh Advisory platform which includes Towergate’s regional branch network, Health & Protection, Specialist and Retail lines alongside Broker Network, Compass UK and Ethos Broking.
Commenting on the announcement today, Ardonagh Advisory CEO Rob Worrell said:
“The acquisition of Hera is an excellent start to the year. Hera is set to further bolster our existing PI capability, enhancing the offering and expertise we can provide to clients and prospects across Towergate. Its wholesale capabilities will further help intermediary networks and specialist brands within the wider Ardonagh Group to find insurance solutions for professions facing shrinking capacity and hardening rates. We look forward to working alongside Patrick and the team as they accelerate their growth ambitions in 2021 and beyond.”
Hera CEO Patrick Bullen-Smith said: “We see no let-up in the hardening of the PI market, making the importance of risk advice and presentation to insurers even more critical. Insurers are increasingly looking at professional indemnity and cyber security together and – as a firm which arranges PI insurance for over 15% of UK solicitor firms – we are proud to have developed a holistic proposition for both.
“It became clear during our conversations with the team at Ardonagh that they empower and invest in specialist teams and harness their size to deliver the best outcomes for their clients. We’re looking forward to being part of a larger independent platform.”
Completion of the transaction is subject to regulatory approval.