Ardonagh Group has decided to merge different entities that were previously under Ardonagh Europe and Ardonagh Global Partners into one platform under one leadership team.
To implement this, the UK insurance broker has made several changes to its senior management team for the upcoming year.
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Conor Brennan, who previously headed Ardonagh Europe, has been named as the new Ardonagh International executive chairman.
The company has appointed Des O’Connor, former Ardonagh Global Partners CEO, as the new Ardonagh International chief investment officer.
John McCarthy will assume the role of Ardonagh International chief finance officer (CFO). McCarthy has transferred his CFO responsibilities at Arachas, a part of Ardonagh Europe, to Martin Mohan.
The role of Ardonagh Group chief commercial officer will be assumed by Antony Erotocritou, who will work together with Group CEO David Ross, CFO Diane Cougill and CIO Aurelio Cusaro to facilitate corporate and financial transactions.
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By GlobalDataIn Ireland, Ardonagh has appointed Joey Wynne, present Arachas deputy CEO, to assume the role of Arachas CEO.
Andrew Wallin, previously Group M&A head, will join as Specialty Broking CEO.
Both Wynne and Wallin’s appointment is subject to the receipt of regulatory approval.
Commenting on the changes, Ross said: “We have very deliberately built a deep bench of talent within our top team, a group of people with unique expertise and complementary skillsets.
“Over the years we have been able to draw on this time and time again as the shape and structure of this company has evolved.”
Concurrently, Ardonagh Group is planning to refinance its debt stack to support more acquisition deals, people familiar with this matter told Bloomberg.
Ardonagh Group is currently in discussions with lenders about refinancing its outstanding loans and introducing new acquisitions.
Ongoing discussions with lenders may not result in a deal. However, this deal, if completed, will be one of the “largest ever” for private credit.
As of December 2022, the company held debt of more than £3.1bn ($3.9bn), the majority of which is maturing in 2026, the report added, citing a recent filing by Ardonagh.
