Ardonagh confirms Lorega cost £28.8m
Ardonagh paid £28.8m in cash to buy loss recovery insurance managing general agent and assistance specialist Lorega, the consolidator has confirmed.
As previously revealed by Insurance Age, Ardonagh struck the deal in July bringing Lorega and its 60,000 policyholders and 26 staff into Geo Underwriting.
Lorega has continued to be led by managing director Neill Johnstone operating independently under its own brand in Ardonagh’s MGA segment.
The firm provides the British Insurance Brokers’ Association’s loss recovery scheme. The trade body announced the renewal of the partnership, which has been running since 2016, in the same week as the
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