Ardonagh Group, the owner of Towergate Health & Protection among other brands, is to acquire Usay Group.
In a statement, released this morning, Ardonagh revealed it had exchanged contracts to purchase the consumer personal medical insurance and protection insurance broker.
Cirencester-headquartered Usay boasts a 195-strong team and in 2020 generated revenue of £18.4m.
Upon completion of the deal, Usay will operate as part of the Ardonagh Advisory platform, complementing existing services from Towergate Health & Protection.
Iain Laws, CEO of Towergate Health & Protection, will lead both businesses while Usay managing director Mark Noble who joined from Aviva in 2019 will continue to head up the Usay brand as CEO.
The acquisition follows on from the purchase of Chase Templeton in 2017 and The Health Insurance Group in 2018 which were subsequently integrated to form part of Towergate Health & 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.”
The completion of the transaction is subject to regulatory approval.