Ardonagh

The intermediary’s CEO said the group is one of only two ‘scalable independent beasts’ in the London market.

Madison Dearborn has increased its shareholding, while HPS has reinvested.

Ardonagh Retail trades under a number of brands, including Swinton Insurance, motorbike broker Carole Nash and van specialist Autonet.

Acrisure Re chairman Jason Howard said carriers welcomed the collapse of the deal.

Jaime Swindle and Scott Bennett will join the management teams of their respective units.

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%.

Ardonagh’s reinsurance business Inver Re has hired former Howden executive Nick Griffiths as a director.

The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.

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.

The intermediary group’s backers have subscribed to an additional £350mn in equity.