Thus, the Ardonagh Group revealed that Stone Point Capital LLC invested in its equity, which estimated the value of the group at USUS$14 billion.
It is slated to be completed by mid-fiscal 2025, as it is subject contingent to regulatory nod. Upon completion, Stone Point will add Madison Dearborn Partners, HPS Investment Partners and co-investors, including a subsidiary of the Abu Dhabi Investment Authority and other international funders as major investors in Ardonagh.
This development occurs a year of significant achievements for the group such as the refinance of the group’s debt in March, the merger of the personal line of the group into Markerstudy in June and the take-private of Australia’s PSC Insurance Group in October.
Ardonagh that was created in 2017 by the mergers of several UK insurance companies has grown its business. It now writes US$18 billion in premiums per annum, and works through the entire chain of Insurance distribution at both regional and international levels.
Its internationalization process started in 2020 with the acquisition of Arachas, an insurance intermediary from Ireland and then in other strategic markets.
The latest deal was the US$ 2.3 billion to acquire PSC in Australia wherein PSC is merged with Envest to form one of the strongest platforms in Asia-Pacific.
The United Kingdom is still Ardonagh’s biggest market where it operates under some of the brands mentioned above.
But over 50% of its global property and casualty revenues are earned from these rapidly expanding platforms in Europe, APAC and Latin America.
Specialty wholesale operations under Price Forbes brand in Ardonagh established itself as the largest independent broker at Lloyd’s after acquiring BGC’s insurance arm in 2021. This division employs a staff of 2000 and handles gross written premium of US$7 billion.
David Ross, CEO of Ardonagh said that Stone Point’s investment will define the next phase of the group.
“As we pursue the future, it is anchored with partners who appreciate our industry, experience and connections which will be crucial as Ardonagh leverages on its prime location within the global insurance market to deliver value to our clients, shareholders as well as our people,” Ross noted.
