Ardonagh Advisory Holdings Ltd, a subsidiary of The Ardonagh Group, has exchanged contracts regarding the purchase of Usay Group Limited, one of the largest consumer Personal Medical Insurance and Protection Insurance brokers in the UK.
Established in 2008, Usay’s comparison service for health insurance, life insurance and income protection is reportedly “renowned” in the sector, having built a well-established client base organically over the course of the last 12 years which “strongly continues”.
The Cirencester-headquartered business is run by a 195-strong team and generated revenue of £18.4m last year.
Following the sale, Usay will operate as part of the Ardonagh Advisory platform, complementing existing offerings from Towergate Health and Protection.
Iain Laws, CEO of Towergate Health and Protection, will lead both businesses. In addition, Mark Noble, currently managing director at Usay having joined the business from Aviva in 2019, will continue to head up the Usay brand as CEO.
The acquisition follows the acquisitions of two additional brands – Chase Templeton in 2017, and The Health Insurance Group in 2018 – which were subsequently integrated to form part of Towergate Health and Protection.
Commenting on the announcement, Rob Worrell, CEO of Ardonagh Advisory said: “It’s great to be continuing the growth story of Ardonagh Advisory today, which I’m proud to say has remained uninterrupted throughout the past 12 months thanks to the strength and resilience of the Group and the dedication and client-focus that colleagues across our brands continue to show every day.
“Usay is a business we have long admired, so we are thrilled to be announcing our intentions to bring them into the family, expanding our offering in the health arena and unlocking opportunities for innovation.”
Laws added: “The addition of such a strong consumer brand as Usay cements Ardonagh’s position as the home of leading health and protection brokerage.
“The impacts of the pandemic have reinforced the need and importance of health, wellbeing and protection cover, and we are looking forward to supporting the Usay team in their quest to help even more clients across the UK to benefit from Usay’s advice and support in their health, life and protection insurance needs.”