A Wiltshire-based independent broker has been acquired by Ardonagh Advisory.
Ardonagh Advisory is the Ardonagh Group’s SME broking platform comprised of Bravo Networks, Ethos Broking, Footman James, Hera Indemnity, Lorega, Towergate, Towergate Health & Protection, Thompson & Bryan, Compass Ƶ and Usay Compare brands.
Ardonagh has acquired Salisbury-headquartered Sorvio Insurance Brokers, which provides a range of commercial insurance solutions to clients across the South West.
Sorvio is Ardonagh's most recent acquisition and will join the advisory platform and wider group as the business continues to grow its presence across the Ƶ and around the world.
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Sorvio is a longstanding regional broker with more than 30 years of experience serving its client-base of SME businesses. The independent broker will join Ethos Broking, where it will support Ethos’ expansion across the South West region.
The current owners, directors Paul Hodgkinson and Ian Spalding acquired Sorvio in 2006. They have established the business' reputation in the local area. Both Mr Hodgkinson and Mr Spalding will continue to run the business alongside Richard Tuplin, who leads Ethos Broking as part pf his role as chief executive of Advisory Insurance Brokers.
Mr Tuplin said: "This is a great opportunity for Ethos Broking to further its geographic reach with a high-quality regional broking business that is well-respected in its local area.
“Sorvio is a fantastic business that has flourished over the years thanks to its expert team and their focus on providing an exceptional service for clients. We’re very excited to welcome Ian, Paul and the team to the business and look forward to collaborating on future opportunities for growth in the region.”
Mr Hodgkinson added: “Joining Ardonagh Advisory represents an enormous opportunity for us to develop Sorvio by becoming part of a larger proposition. Our team of experts will continue to provide the outstanding service they are well-known for, supported by a business that shares our values and dedication to client service.
“We’re very excited for the future and look forward to experiencing the many benefits that I know will come from being part of the Ardonagh Advisory platform.”
Last month Ardonagh welcomed PB Curran, AMS Insurance Solutions and Sentinel Insurance Solutions to its portfolio, which followed the earlier addition of Pace Ward and the announcement that it has agreed to acquire Stanhope Cooper and Renovation Underwriting, subject to regulatory approval.
Joe Conway, mergers and acquisitions director, Ardonagh Advisory said: “This latest addition to our portfolio is further demonstration of how quality regional brokers see value in joining larger broking platforms such as Ardonagh Advisory. Not only can they receive support to help navigate the many challenges present in today’s market, but they can also benefit from support that will actively help their business to grow.
“If you’re thinking about taking the next step in your broking business’ journey, get in touch. We’re always open to supporting broking businesses to get to that next level, whatever that might be.”
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