Scaling new heights: Ardonagh Specialty’s growth acceleration post-M&A

Integrating and consolidating 11 brands down to two while running an international brokerage placing $7 billion of gross written premium (GWP) in 2022 is no mean feat. And that’s without taking into account the backdrop of global economic disruption wrought by Russia’s invasion of Ukraine, raging inflation and the lingering effects of the COVID-19 pandemic.

But this transition, following a major acquisition, has been achieved by independent London broker Ardonagh Specialty in the past 12 months.

Ardonagh Specialty enjoyed 16 percent organic income growth in 2022, and chief executive officer Antony Erotocritou tells Intelligent Insurer that he expects the company to place “more like $8 billion” GWP into the market in 2023.

Growth is clearly high on the agenda for the broker and its parent company, the Ardonagh Group. Growth was a motivating factor in the group’s decision to buy BGC’s insurance assets for $500 million in 2021.

The acquisition, which included Ed Broking Group, Piiq Risk Partners and Besso Insurance, was housed within Ardonagh Specialty alongside its existing brands Price Forbes, Bishopsgate and Compass London Markets.

“We completed the acquisition of the BGC insurance assets in November 2021,” says Erotocritou. “We had 11 brands, a number of different divisions, and a number of different leaders. The last 12 months have been about understanding the businesses and getting to know the talent within them.

“Ultimately, our strategy was always to simplify and rationalise. But to do that, we needed to better understand the people and how we could best integrate all those moving pieces.”