The Ardonagh Group has announced a first quarter loss of £13.7m for the three months to 31 March 2020, down from £22.4m the previous year.
The independent insurance broker also revealed that group income increased by 1.6% to £160.1m and Adjusted EBITDA by 10.9% to £43.6m due to accretive investments in growth initiatives, including producer hires, bolt-on acquisitions, and the continued delivery of cost savings.
Ardonagh’s Specialty platform also recorded underlying organic growth of 10.7% as prior year investments in hiring new producers reached maturity, resulting in new business wins.
In addition, it said its advisory arm grew by 6.1% underpinned by niche bolt-on acquisitions and continued strong organic growth across Towergate Insurance Brokers, Health and Protection and Footman James.
Ardonagh Group CEO David Ross said: “Following a strong 2019 we have seen continued underlying growth across our diversified platforms. The ingenuity and determination of our people means we will continue to serve our clients as they adapt to the changes to the way they live and do business.
“Businesses and individuals need insurance brokers on their side more than ever. Our people have risen to the challenge, helping to negotiate on claims, sourcing lower premiums for car and home customers, and delivering quality risk management advice and insurance programmes for businesses as they evolve.”
He added: “Customers have rewarded the solutions-focused flexibility of Ardonagh with increased retention, which is the ultimate endorsement of our work. Trading since the Q1 close, during which the national lockdown has been in place throughout, has continued to be resilient, and costs have continued their downward trajectory.”