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.
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The broker aimed to secure better terms and borrow more from public lenders.
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The pair hail from Miller and Aon respectively.
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The challenger broker is continuing to build out its presence on the island.
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The broker has used Whitespace since 2019.
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Rance’s remit will include credit, marine, cyber, parametrics and motor.
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The former Accredited CEO spent most of his career at Aon Reinsurance.
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Investors are still keen on UK broking – but they may expect more for their money.
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Price Forbes will become the dominant brand, while international CEO Ferguson will exit the business.
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The transaction will reduce the firm’s reliance on private debt deals.
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The regulator is calling for comments on the deal by 13 February.
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The senior upstream energy broker departed Marsh last autumn.
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The executive will lead for the EMEA region in its strategy and development business segment.
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Price Forbes has been hiring across specialty lines, and recently appointed Howden’s cargo head Jonathan Eaton.
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Woolley joined Aon in 2019 as an associate director and has previously worked as head of broker distribution for First Title Insurance.
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Anthony Erotocritou is now group chief commercial officer, as Andrew Wallin takes the specialty helm.
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The downstream brokers will join Price Forbes alongside former colleague Dan Nicholls, who left Miller last month.
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Brokerslink has appointed Antony Erotocritou as a board director representing Ardonagh Specialty.
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The $10bn broking firm is progressing in its pivot towards specialty and international business, and an asset management model.
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The intermediary business booked 9.5% organic growth in P&C and 14.9% growth in specialty in the first nine months of 2023.
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The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.
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The Swiss business controls around $1.3bn in premium.
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Mark Shumway joins from Howden Capital Markets, where he has been managing director since 2020.
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ESG targets and the growth trajectory of renewables is attracting capacity to the class of business.
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The personal lines strategy mirrors the buy, build and sell playbook you would see from a sponsor.
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The deal will provide the group with significant additional funds to support M&A in its international and specialty segments.
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The deal values Ardonagh’s UK personal lines business at around £1.2bn and creates a business with millions of customers.
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The exec is reunited with former LSM colleague Mark Stephenson, who joined the broker earlier this year following a 12-year stint at the carrier.
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Sources said Baron is joining Price Forbes after nearly seven years at Aon, where he was managing director based in South Florida.
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The recruitment continues a period of expansive hiring for the intermediary.
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Dave Cahill and Adam Power have resigned, as Miller managed to shore up remaining members of its casualty team.
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They are the latest additions to the Ardonagh team, which has been on a major hiring push.
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Nine mariners from the former Ed Broking brand have resigned from Ardonagh, as the broker continues its brand consolidation.
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The business development and market relationships head will join the Ron Hayes-led unit, focusing on specialty.
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Roger Smith will be building a UK A&H and life team, while Steve Rance looks to develop a global mortgage and credit unit.
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Group head of M&A Andy Wallin will take over reinsurance and capital on an interim basis.
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The moves follow a pattern of prolific hiring in which 200 production staff were added across the group’s London business in 2022.
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The deal would create a consumer distribution behemoth with more than £200mn of Ebitda.
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Leather, who is set to join in summer, will report to group finance officer Nick Moss.
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The acquisition comes less than a week after Ardonagh agreed to acquire Dutch specialist commercial lines broker Klap.
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The acquisition comes after Ardonagh entered the Netherlands market in October 2022 through the purchase of Léons Group.
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The fast-growing group – which did not exist when the UK voted to leave the EU – is now close to $500mn of adjusted Ebitda.
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The specialty business – which includes Price Forbes and Bishopsgate – reported 16% organic growth in an integration year.
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The intermediary has named leaders for each line of business within the two divisions.
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Morgan Stanley has reached out to sponsors in recent weeks after initial attempts to source a US strategic tie-up.
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Alun Thomas will report to Bermuda CEO Chris Bonard.
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The pair will depart as Ron Hayes arrives to drive an acceleration of the specialty unit’s placement strategy.
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The marine expert worked for Ed for five years, after a career working with Marsh, Miller and Aon.
