Towergate’s parent company KIRS has rebranded itself as The Ardonagh Group.

The group, which was temporarily named KIRS, was created in early May to bring together insurance brokers Autonet, Chase Templeton, Ryan Direct Group, Price Forbes and Towergate under a single holding structure, with all five businesses to be run independently.

The newly named Argonagh Group, which is backed by private equity firms Madison Dearborn Partners and HPS Investment Partners, also includes London market start-up Bishopsgate and property broker Paymentshield.

David Ross, CEO of The Ardonagh Group said: “Ardonagh is a combination of the Celtic words for ‘on high’ and ‘warrior’.

"Finding a unique company name is no mean feat, but the spirit captured by these word feels fitting for the journey we've been on and the way we want to move forward as a family of businesses."

In June, the holding company completed an £800mn bond offering. At the time, the company said it intends to use the funds to refinance existing debt, finance the acquisitions of both Direct Group and Chase Templeton, pay for transaction costs and put “incremental” cash on its balance sheet.