The group’s chief executive believes the group has now ‘topped out’ its initial business ‘vision’

The Ardonagh Group’s adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) grew by 22% to $476m (£393m) during 2022 – up from $390m (£322m) the previous year.

In its financial results for the 12 months ending 31 December 2022, released today (23 March 2023), the group also reported a 30% increase in its income to reach a total of $1.5bn (£1.24bn) – compared to $1.2bn (£1bn) in 2021.

Ardonagh Group’s rise in earnings was driven by its UK platforms – including its speciality and international arm – which now accounts for over 45% of its total income.

Pro forma income, meanwhile, grew from $1.4bn (£1.2bn) in 2021 to $1.8bn (£1.5bn) in 2022 – equating to an adjusted ebitda of $594m (£490m), a fall from 2021’s pro forma figure of £427m.

The pro forma calculation considered acquisitions, annualised growth and savings initiatives.

Ardonagh Group chief executive David Ross said: “In 2021, we fulfilled our ambition to create the largest independent broker in London with a transformational acquisition of BGC’s insurance operations.

“Integration is largely complete, having taken the time to consult with our staff, markets and clients before unveiling our new offering to the market.

“Our specialty business is now operating as open market Broking (Price Forbes) and Programmes (Bishopsgate), with reinsurance capabilities brought together in our newly launched business Inver Re.

“From our first international acquisition in 2020, Ardonagh International has been a priority for investment and finished the year as a $88m (£72.7m) adjusted ebitda unit, growing both with platform and niche acquisitions and powering further expansion by local leaders in those businesses.”


Ardonagh Group completed its acquisition of BGC’s insurance operations in November 2021, following its initial announcement in May.

The group said its current mergers and acquisitions pipeline included over 70 transactions, which it predicted was the annualised equivalent of over $100m (£82.6m) of its total ebitda figure.

Ross added that 2022 “topped out the vision” that Ardonagh had when it was established in 2017, which was to “build a high-quality global platform comprising client focused, specialist broking businesses, with a London specialty business at its heart”.

He continued: “We have assembled the foundations and now enter our next phase of growth, driving our internal specialisms and placement opportunities, making accretive acquisitions to our established platforms, leveraging our buying power and learning from each other to optimise performance across the group”.

Adjusted ebitda usually considers earnings with added interest expenses, taxes and depreciation charges among other adjustments.

In a statement, Ardonagh said the adjustments for its latest financial results included discretionary one off investments, M&A transaction costs, cost reduction initiatives and synergies and investment in transformational hires.

  • Insurance Times has converted dollar amounts into pounds using an exchange rate of $1.21 = £1, which was correct as of 1 March 2023.