Specialty broking chairman says the acquisition presents ‘a unique opportunity to build a preferred home for talent and the number one choice for clients on a truly global scale’
The Ardonagh Group has completed its $500m (£366m) purchase of the insurance operations of global broker and financial technology company BGC Partners.
The deal, which was initially announced on 26 May 2021, will see Lloyd’s broker Besso Insurance, reinsurance, wholesale and specialty broker Ed Broking and aerospace broker Piiq Risk Partners join Ardonagh’s specialty and capital platform.
The newly acquired businesses will operate alongside existing firms within Ardonagh’s specialty and capital arm, including Bishopsgate, Compass London Markets, Inver Re and Price Forbes.
Ardonagh believes this acquisition makes it the largest independent specialty broker in the London market - its specialty and capital business now has a combined $450m revenue, placing over $5bn gross written premium (GWP) on behalf of clients in France, Germany, Turkey, the United Arab Emirates, Singapore, Malaysia, Hong Kong, China, Australia, South Africa, Chile, Brazil, the USA and Bermuda.
The Ardonagh Group as a whole - including Ardonagh Advisory, Ardonagh Retail and Ardonagh International - now places $13bn GWP and has $1.4bn annual revenue.
Presenting a ‘unique opportunity’
Leading Ardonagh’s specialty and capital platform is chairman of speciality broking James Masterton and specialty broking chief executive Andrew Wallin. Steve Hearn is chief executive of reinsurance and capital, while Antony Erotocritou works as chief financial officer.
Speaking on the deal, Wallin said: “The businesses within Ardonagh Specialty are known for delivering high calibre solutions to blue chip clients and the brands joining today are a great addition to that family and the wider Ardonagh Group.
“The combined scale of our platform allows us to invest even deeper in our talent, our focus on technological development and our actuarial and analytical capabilities to benefit all our brands, delivering a powerful combination of scale, placement expertise and a personal service, all in support for our clients.”
Masterton added: “I am especially excited to welcome approaching 900 new colleagues to Ardonagh Specialty. We have known and admired many of them for years.
“Together we now have a unique opportunity to build a preferred home for talent and the number one choice for clients on a truly global scale.”
Hearn said: “I’m very much looking forward to the opportunity to lead Inver Re and grow Ardonagh’s capital solutions business.
“With the scale and backing of the group and its investment in data science, we have the opportunity to become a top five global reinsurance broker and provide a credible independent choice for clients.”
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