Ardonagh
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The MGA has also appointed Probitas alumnus Kiran Wignall. -
The deal, revealed by this publication in December, values the firm at $14bn.
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Reported income for the year rose 24% to $1.98bn.
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The insurer has participated on McGill and Price Forbes facilities, as well as Amwins.
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Ian Donaldson and Craig Ball will rejoin Ardonagh in new roles focused on AI.
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The strong deal multiple underscores the view of London as a “gateway to the world” for brokers.
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Insurance Insider revealed yesterday Stone Point will join Madison Dearborn and HPS as shareholders.
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It is understood that Lectio is now at ~$160mn of premium and could rise to $270mn next year.
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Paul Nolan is expected to join Globe in July 2025.
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Geo Europe CEO Walter Craft will remain with the financial lines business.
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The downstream market is expected to soften in the second half of the year.
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The broker has spent the bulk of his career handling major accounts.
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The broker will become director of marine at the Ardonagh subsidiary.
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Dan Walsh has led Aon Client Treaty for the past six years.
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Capital is looking for opportunities to build international specialty businesses out of EC3.
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The Ardonagh brand hired several casualty brokers from Miller last summer.
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Current Bermuda CEO Chris Bonard will become president of the unit.
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The acquisition brings international M&A opportunities and a pipeline of London wholesale business.
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Paragon co-CEOs James Kalbassi and Tara Falk will become Ardonagh shareholders.
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The buyer intends to fund the transaction with approximately 50% equity and 50% debt.
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The broker had been vying with Marsh McLennan and AJ Gallagher.
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Pro-forma income hit $1.9bn for the year, alongside pro-forma Ebitda of $695mn.
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The talks are advanced, and the process is likely to move rapidly.
