Ardonagh (Kirs)  8.375% 15 Jul 2023

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%

Maturity Date

15 Jul 2023

Next Interest Payment

15 Jan 2020

Interest Period

6 months

ISIN

XS1623760128

Asset Security

First ranking charge over company assets

Amount

£553,000,000

Ratings

Moody's:  B3, Fitch:  B+

Call Schedule

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

Status

Payments on time

* 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%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

Source: Public company information

* 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.

Estimated equity based on initial equity valuation.

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Source: Public Company information, Financials are Pro forma unaudited consolidated results for the group of companies. EBITDA is pro forma with £47m of adjustments for cost savings to be implemented in 2018 and realised in 2019

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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