Ardonagh
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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.
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John Thompson, Graham Kilby, Richard Peers and Russ Nichols will take the top jobs.
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The team will be headed up by Nikki Melbourne who previously led the team at Besso Re.
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The parametrics pioneer said Ardonagh would bring additional capacity to clients with new solutions.
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The pair have worked for a wide variety of intermediaries.
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There has been a recent uptick in personnel movement in the financial institutions space.
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The Envest transaction includes the acquisition of Aviso Group, a network of broking offices across five states and 10 MGAs.
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The broker said organic growth was driven by new producer hires reaching maturity across specialty, international and advisory.
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Ron Hayes has also held senior placement roles at JLT and Marsh.
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The transaction will bring a $250mn GWP broker with multiple brands and international footprint into the group.
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The Dutch broker will continue to operate independently as part of the Ardonagh Group, led by Sunny and Nico Léons.
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The practice will be led by Jose Antonio Osterling as chairman and Luis Felipe Ganoza as commercial director.
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The international and specialty units now contribute almost half the group’s annual income as the firm continues to diversify.
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The news comes after this publication revealed Kerrigan Read is also set for WTW.
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The Besso and Bishopsgate chief will take a number of team members with him including Mick Lee, with Lilley Plummer the likely destination.
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Ex-Gallagher executive Jose Antonio Osterling and former JLT VP Luis Felipe Ganoza will head the business, sources said.
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The specialty segment, comprising former Corant brands, increased revenue by 94%.
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On a pro-forma adjusted basis, the intermediary’s Ebitda hit £418.7mn.
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John Thompson is to take up a senior role with Ardonagh Specialty, along with Alesco alumni Mark Watson and Paul Lewis.
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The Piiq CEO takes a key role while Rob Dowman, Russ Nicholls and Richard Peers assume expanded responsibilities.
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David Lawrence ran Endeavour, which formed part of Oneglobal, for 20 years.
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The broking chief has also worked for QBE Europe and Windsor.
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The fine art and specie expert spent 16 years with Willis Re.
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An additional $250mn premium is now in scope for the solution.
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Through the deal, Mphasis will acquire a 51% stake in Mrald, while 49% of the equity will remain with Ardonagh.
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The broker generates around EUR75mn in revenues and has a presence throughout the Portuguese-speaking world and Europe.
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The broker’s $7.5bn refinance highlights the growing strength of challenger broker firms.
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The intermediary’s CEO said the group is one of only two ‘scalable independent beasts’ in the London market.
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Madison Dearborn has increased its shareholding, while HPS has reinvested.
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Ardonagh Retail trades under a number of brands, including Swinton Insurance, motorbike broker Carole Nash and van specialist Autonet.
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Acrisure Re chairman Jason Howard said carriers welcomed the collapse of the deal.
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Jaime Swindle and Scott Bennett will join the management teams of their respective units.
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Expansive intermediary Ardonagh Group reported adjusted Ebitda of £85.4mn ($114.9mn) for the third quarter, up 30.9% year-on-year, as the business also saw organic income growth of 10%.
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Ardonagh’s reinsurance business Inver Re has hired former Howden executive Nick Griffiths as a director.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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The broker said the deal makes its Specialty and Capital platform the largest independent specialty broker in London.
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The business is working with Fenchurch on what is likely to be a secondary offering that sees HPS and MDP re-invest.
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The intermediary group’s backers have subscribed to an additional £350mn in equity.
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Rory Best will be also appointed to the board of Ardonagh Community Trust, the group’s charity.
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Ardonagh Europe will be led by Arachas CEO Conor Brennan and pursue acquisitions across the continent.
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The executive has worked at Miller, PWS and Newman, Martin and Buchan.
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The division will employ 60 data scientist and analysis employees to serve the group’s global customer base.
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Corant president Andy Wallin will run the broking segment, while Corant CEO Steve Hearn will lead a unit the includes reinsurance.
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The transaction will create London’s largest independent specialty and wholesale broking business.
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Ardonagh Global Partners was launched last month to invest in insurance distribution firms outside the UK and Europe.
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Phil Bayles will start in the newly created role later this year and will lead placement and strategic growth initiatives.
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The work from home model has proved the sector’s resilience, but there are opportunities to flourish for companies that return to the office.
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The $350mn follow-capacity solution will cover cargo, specie, terror, financial products, healthcare and marine.
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The acquisitive broker looks to compete with PE houses through its new platform.
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CEO David Ross said that new working practices had proved hugely effective and would fundamentally alter the City of London.
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The unit achieved £10mn in 2020 revenue and has offices in the UK and Germany.
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The broking network will be the UK group's Australian centrepiece, says CEO David Ross.
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The acquisition will sit within the group’s advisory segment alongside the Towergate regional network.
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This publication previously reported the retail broker would change hands for more than £250mn.
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Also: take-aways from 1 January renewals, AIG tightens reins on cyber, and more.
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Entering reinsurance will be tough, but Ardonagh’s latest project is no surprise
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Revenue rose 2.2% on an underlying basis at the broking group.
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