By James Thaler, Rebecca Delaney

April 8 - (The Insurer) - A four-strong team of senior London-based professional indemnity broking executives has left Paragon International Insurance Brokers to launch a new venture supported by AUB Group, multiple broking sources told The Insurer.

The quartet, comprising James Furlonge, Charlie Hargreaves, Joshua Allen and Shalika Mudiyanselage, opted against joining the Ardonagh Group as part of the UK broking firm’s A$2.3 billion ($1.4 billion) acquisition of Paragon parent PSC Insurance Group.

The deal was announced in May 2024 and closed in October, with Ardonagh now in the process of consolidating Paragon’s operations under the Price Forbes brand.

The departing executives were able to leave using an “opt-out” clause as the firm went through the transfer of undertakings protection of employment (TUPE) process as part of the combination.

The TUPE process completed over the weekend, with no other Paragon employees electing to opt out. The new venture is expected to be focused on handling professional indemnity business, with the executive expected to start in their new roles on May 1.

Australian broking firm AUB Group will be a minority investor in the new business and will provide operational and back-office support. A spokesperson for AUB Group could not be reached for comment.

Paragon, which handles business through Lloyd’s, Bermuda and Europe, is among PSC’s global suite of broking and MGA brands, which also includes Carrolls.

Furlonge began his insurance career with Paragon nearly 14 years ago, while Hargeaves joined the company in January 2022 after more than four years with Aon, where he last served as director. Hargeaves also previously spent six years with JLT Specialty.

Mudiyanselage had been with Paragon for the last eight years in increasingly senior claims roles.

Allen had only been with Paragon for about a year and a half, having joined the company in November 2023 following more than eight years in a London-based broking role with Aon.

The executives’ client base included global contractors, architects and engineers as well as property developers and surveyors, as well as single project professional indemnity deals for owners, architects, engineers and contractors in territories throughout the world.