Ardonagh Advisory has announced an agreement to acquire Hera Indemnity, a provider of professional indemnity (PI) insurance solutions to solicitors in England and Wales.
Upon completion of the deal which is subject to regulatory approval, Hera will operate under Ardonagh’s wider platform comprising a number of Towergate’s operations, Broker Network, Compass UK, and Ethos Broking.
Rob Worrell, CEO at Ardonagh, confirmed that the acquisition represents an “excellent start to the year” for the group.
He said: “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.”
Hera currently operates with £41m GWP under management, and specialises in providing services for solicitors, legal professionals, and the wider professional services industry.
Patrick Bullen-Smith, CEO at the Lloyd’s Broker, said that the partnership with Ardonagh will “harness” the size of the group, helping to “deliver the best outcomes” for its clients.
He added: “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.”