US-based private equity firm Stone Point Capital has agreed to make an equity investment in Ardonagh Group, allowing it to become a significant shareholder in the insurance broker.
The completion of this investment is expected in the middle of 2025. The transaction is subject to standard closing conditions including regulatory approvals.
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Stone Point will join existing stakeholders such as Madison Dearborn Partners (MDP), HPS Investment Partners and a subsidiary of the Abu Dhabi Investment Authority, along with other global institutions.
The investment funds managed by Stone Point Capital value Ardonagh at $14bn.
The investment concludes a pivotal year for Ardonagh, which saw a major refinancing in March, the merger of its personal lines business with Markerstudy in June and the privatisation of Australia’s PSC Insurance Group in October.
With Stone Point’s backing, Ardonagh will leverage growth opportunities within the global P&C insurance market, capitalising on its regional presence.
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By GlobalDataFenchurch Advisory Partners, Goldman Sachs Investment Banking and Morgan Stanley are serving as financial advisors to Ardonagh.
Paul, Weiss, Rifkind, Wharton & Garrison is providing legal counsel to Ardonagh, and Debevoise & Plimpton to Stone Point.
Ardonagh Group CEO David Ross said: “Stone Point’s investment in the Group marks a new phase in our extraordinary journey over the past few years to become the $14bn business we are today. Their support reflects conviction in the strength of Ardonagh’s business and continued momentum and redoubles our commitment to independence in a consolidating market.”
Established in 2017 through the merger of several UK insurance businesses, Ardonagh has grown to manage $18bn of premiums, operating across the entire insurance distribution value chain.
Stone Point has more than $55bn of assets under management. The company targets investments in companies in the global financial services industry and related sectors.
