NEW YORK, April 6, 2021 /PRNewswire/ — The Ardonagh Group and Amynta Group today announce that they have acquired AccuRisk Holdings LLC, a Chicago-based managing general underwriter specialising in medical stop loss, occupational accident and supplemental health products for small and mid-sized businesses.
Accurisk has grown steadily through organic growth and targeted acquisitions since it was founded in 2017. Its 82 staff operate from offices in Boston, Kansas City, Baltimore, Dallas, Indianapolis, Milwaukee and Phoenix. AccuRisk wrote $137 million of premiums in 2020.
Medical stop loss is bought by employers that self-fund healthcare benefits for their employees. The US medical stop loss market has rapidly expanded from $10 billion in 2010 to $24 billion in 2020, as employers look for alternatives to the fully insured market. AccuRisk has also expanded into the Captive and Ancillary service lines as these markets have significant growth opportunities in the US.
AccuRisk will operate within Ardonagh’s Global Partners segment.
AccuRisk CEO Dan Boisvert said: “This is a really exciting moment for the company and we’re incredibly proud to become part of the Ardonagh and Amynta portfolios.”
“Our team’s success is driven by our focus on creating and bringing innovative products to market that meet a very real customer demand. More than half the US workforce is currently enrolled in a self-funded health plan, and we anticipate further growth as employers look to create customised and affordable health insurance plans.”
“With the firepower of an independent Top 20 global broker like Ardonagh behind us, and the relationships and experience of Amynta, we will accelerate our expansion plans and continue to deliver our broker and agent partners and their clients an even better range of products and services.”
Ardonagh Group CEO David Ross said: “Dan’s team are proven leaders with a desire to drive the best results for their clients. Their data driven focus is designed to provide the next generation of healthcare solutions to their distribution partners. We’re incredibly excited that they have chosen to partner with us to fuel the next chapter of their journey.”
“We’re also very pleased to be working in partnership with Amynta, as we enter a new geography of strategic significance.”
Amynta Group CEO Rob Giammarco said: “Dan and his team have built a great platform, differentiating themselves in the market by delivering innovative, client focused solutions, with a strong track record of growth and profitability. We see significant opportunity to expand the business and are excited to join forces with Ardonagh in entering the Accident & Health market and building on the success of AccuRisk.”
About The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance broker powered by a network of over 100 locations across the UK and Ireland and a workforce of over 7,000 people. Formed in 2017, Ardonagh today brings together best-in-class brands including Autonet, Arachas, Bishopsgate, Broker Network, Carole Nash, Compass Networks, Ethos Broking, Geo Underwriting, Price Forbes, Swinton, Towergate and URIS.
About Amynta Group
Amynta Group is a premier insurance services company with more than $3.5 billion in managed premium and 2,000 associates across North America, Europe, and Australia. An independent, customer-centered, and underwriting-focused company, Amynta serves leading carriers, wholesalers, retail agencies, auto dealers, OEMs, and consumer product retailers with innovative insurance and warranty protection solutions. Amynta operates through three segments: Managing General Agencies; Warranty, including automotive, consumer and specialty equipment; and Specialty Risk Services. For more information, please visit amyntagroup.com.
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SOURCE The Amynta Group