TSP Ventures is pleased to have advised the shareholders of Hera Indemnity, a leading Lloyd’s of London Professional Indemnity Insurance broker, through their sale to Ardonagh Advisory, one of the largest insurance broking and underwriting groups in the UK.
Founded in 2004 and led by CEO Patrick Bullen-Smith, Hera has become one of the market’s go-to specialist PI brokers for solicitors, legal professionals and the wider professional services sector and has seen successive growth in GWP since its inception.
Chris Smith, TSP Ventures CEO, said: “It’s great to be able to leverage our collective experience and knowledge of the London insurance market to advise on this sale. Patrick is a good friend and it was an honour and a privilege to be in his corner throughout the process. I’ve no doubt that Ardonagh will be a fantastic home for his business and his staff.”
Patrick Bullen-Smith, Hera Indemnity CEO, said “Early on TSP Ventures provided an excellent overview of my strategic options that helped me focus what I really wanted to do. Following this we decided to engage in the sales process and TSP were tough, pragmatic negotiators on my behalf. I very much felt that they genuinely cared about getting me the right outcome and I am delighted with the result.”