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Business Description

The Ardonagh Group (formerly known as Kirs Group) is the holding company for the coming together of Towergate Insurance, Ryan Direct Group, Autonet Insurance Group, Chase Templeton and Price Forbes. By bringing these companies together KIRS aims to become the UK’s leading independent diversified insurance Group and intermediary with global reach.

Towergate handles more than £3bn of gross written premium for 200 specialist insurance products from beach huts to boats; surgeries to school fetes; actors and architects to soldiers and sailors. It has grown since 1997 to employ over 4,000 people.

Price Forbes was founded in 1897 and is an independent insurance broker and re-insurance advisor. Autonet Insurance Group is an Insurance Broker, established in 1998 and has grown to become one of the UK's largest insurance brokers with a turnover in excess of £130 million.

Chase Templeton was founded in 2002 and has grown to become a major force in the UK private health insurance and the group risk market with over £150m in premium income written annually.

Ryan Direct Group has for over 20 years provided end-to-end insurance services include everything from product development, sales and distribution and compliance through to claims validation and policy administration.

Bond Information

Coupon
8.375%
15 Jul 2023
Repaid On
20 Jul 2020
Previous Payment
15 Jul 2023
Interest Period
6 months
XS1623760128
Select Seniority
£553,000,000
Moody's:  B3
Fitch:  B+
15 Jul 2020 at 104.188
15 Jul 2021 at 102.094
15 Jul 2022 at 100
Status
Repaid

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name
KIRS Midco 3 plc
Industry
Banks & Financials
Country of Origin
UK
Year of Incorporation
2017
Ownership Status
Private

Capital Structure

Senior Debt 55%

Equity 45%

Type £m x EBITDA* % of capitalisation* EBITDA/Interest*
Cash and equivalents na na na na
Leases NPV na na na na
Net super senior debt na na na na
1st lien secured debt na na na na
Net secured debt na na na na
Unsecured debt na na na na
Uncategorized debt na na na na
Net debt na na na na
Equity value na na na na
Enterprise value na na na na
LTM EBITDA 1,225          
Cash Interest 393          

Source: Aggredium

* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary.

Key Financials

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Important News

22 Jun 2020

The Ardonagh Group launches notes offering

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Capital at risk.

Please note as a WiseAlpha member you are not lending directly to the corporate borrower. Instead, you are purchasing Fractional Bonds, each one backed by a specific bond. See Risk Statement.