Ardonagh sets sights on ‘Top 5’; looks to invest in tech and talent
Ardonagh Group, the UK's largest independent insurance broker with global reach, has completed its $500 million acquisition of the insurance operations of BGC Partners, significantly expanding its broking capabilities in line with its ambition to become a “top 5 global reinsurance broker”.
With the acquisition of BGC, Ardonagh has expanded its portfolio of broking brands with Besso Insurance, Ed Broking, and Piiq Risk Partners joining the likes of Bishopsgate, Compass London Markets, Inver Re and Price Forbes in the Ardonagh Specialty and Capital platform. The deal has also propelled Ardonagh to become the largest independent specialty broker in the London market with a global presence.
The company is now looking to grow its newly launched reinsurance broker Inver Re and Capital Solutions business, in addition to strengthening its investment in talent and technological development, as well as actuarial and analytical capabilities.
Ardonagh Specialty and Capital now has a combined $450 million revenue, placing over $5 billion GWP on behalf of clients with offices in France, Germany, Turkey, the UAE, Singapore, Malaysia, Hong Kong, China, Australia, South Africa, Chile, Brazil, the USA and Bermuda.
The Ardonagh Specialty leadership team includes James Masterton (pictured) as chairman of specialty broking and Andrew Wallin as CEO of specialty broking, alongside nSteve Hear as CEO of reinsurance and capital and Antony Erotocritou as CFO.
Masterton said: “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 added: “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 5 global reinsurance broker and provide a credible independent choice for clients.”
Wallin commented: “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.”
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