UK market-leading bike insurance broker Carole Nash, with more than 241,000 policyholders, has been sold by its French parent Groupama to Ardonagh Group for an estimated £65m. BDN financial editor Roger Willis reports.
Ardonagh is a conglomerate created from the merger in July of five insurance companies — Towergate, Autonet, Chase Templeton, Ryan Direct and Price Forbes. Carole Nash will keep its name within this group.
Commenting on the acquisition, Carole Nash chief executive David Newman, pictured top, said: “As a management team, our plans to keep building our brand and market share mean we have been looking for a home where we can build on the reputation we have fostered over many years, ensuring longevity of our much-admired service and expertise. We have longstanding relationships with the Ardonagh management team and we are genuinely excited by the momentum that is so clear to see across the group.”
Ardonagh chief executive David Ross added: “Carole Nash is a pre-eminent brand and market leader, a hugely successful business and therefore an ideal addition to the group as part of our carefully targeted acquisition strategy. We have admired the business for a long time and are really happy to be welcoming it into the fold as another important addition to the Ardonagh Group family.”