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KIRS (Ardonagh)  (UK)

2017

Private

Status: Performing

All payments are on time

BACK TO MARKET


Coupon

8.375%

Current Yield

7.9%

*
Estimated Yield to Maturity

6.9%

**
Maturity Date

15 Jul 2023

Next Interest Payment

15 Jan 2019

Interest Payment Frequency

6 months

Asset Security

First ranking charge over company assets

Industry

Banks & Financials

Amount

£455,000,000

ISIN

XS1623760128

Ratings

Moody's  B3, Fitch  B+

Next Call

15 Jul 2020 at 104.188
15 Jul 2021 at 102.094
15 Jul 2022 at 100


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.

Capital at risk. No FSCS cover. See Risk Statement.

 

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