SME broking platform to acquire chartered insurance broker
Mon, 19 Aug 2024 | BUSINESS SALE
Ardonagh Advisory, an SME broking platform, has agreed a deal to acquire chartered insurance broker RK Henshall & Co Limited. The acquisition of the company, which is based in Sandbach, Cheshire, strengthens Ardonagh Advisory’s presence in the North West of England.
RK Henshall was founded in 1976 and employs 35 staff. The company specialises in commercial insurance, with several high-quality schemes through its Air Underwriting division.
The deal will be completed subject to regulatory approval. Upon completion, RK Henshall directors John Henshall and Allen Simpson remain with the business, with John Henshall continuing to lead the company, while reporting to Stephen Boyd, managing director of Advisory Insurance Brokers in the North.
The acquisition will see RK Henshall become part of a group with more than £1 billion in gross written premium (GWP) and a workforce comprising over 2,600 staff working across the UK.
RK Henshall director John Henshall said that it was a “massive” decision to sell the family business and that it had been crucial to identify a buyer that “understood and supported” the company’s culture and would “ultimately mean a stronger proposition for our clients.”
He continued: "In Ardonagh we’re joining forces with a dynamic and growing business, bringing even greater opportunities for our people and clients.”
Richard Tuplin, CEO Advisory Insurance Brokers Ltd, said: “We look forward to welcoming R.K. Henshall’s team to Ardonagh. It builds our presence in the North West and south Cheshire with an outstanding client-centric team with strong ties to their clients and community.”
M&A Director Joe Conway added: “R.K. Henshall ticked all the boxes for us; a high quality and motivated team, committed leadership and deep trusted relationships with its clients.”
Find out more about Ardonagh Advisory's M&A strategy
The UK remains the leading marketplace in Europe for insurance M&A, but the supply of acquisition targets may be falling
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