Transaction Finalized: Ardonagh Secures $2.5bn Equity Investment
In a significant move for the global insurance industry, the Ardonagh Group, a top 20 global broker, has secured a $2.5 billion equity investment led by Stone Point Capital LLC. This investment values the Group at an impressive $14 billion, with Stone Point, Madison Dearborn Partners (MDP), HPS Investment Partners (HPS), and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) becoming significant shareholders.
Several other large global institutions have also joined as co-investors, demonstrating their confidence in Ardonagh's long-term growth strategy across its global insurance distribution platform. David Ross, CEO of The Ardonagh Group, considers this investment a resounding endorsement of the company's achievements.
The investment comes amidst a series of strategic moves by Ardonagh. In 2024, the Group completed the merger of its personal lines business into Markerstudy and the AU$2.3 billion take-private of Australia's PSC Insurance Group, one of 68 acquisitions across multiple geographies. Ardonagh has also completed a £2 billion debt raise and the acquisitions of Arachas and Bravo Group for a combined value of over £550 million.
Scot French, a Governing Partner of HPS, commented on the investment, stating that Stone Point's investment and co-investors' interest demonstrate the strength of Ardonagh's platform and their long-standing partnership. Vahe Dombalagian, Managing Partner of Madison Dearborn Partners, expressed his excitement about Ardonagh's continued growth and future collaboration with Stone Point Capital.
Jim Carey, Co-CEO of Stone Point, is equally enthusiastic about the partnership, expressing his confidence in Ardonagh's potential to capture growth opportunities in the global P&C insurance market. Ardonagh remains well-positioned to capitalise on these opportunities, having priced the offering of $500 million in aggregate principal amount of Ardonagh Midco 2 plc's 11.50% / 12.75% senior PIK toggle notes due 2027.
The transaction was advised by Fenchurch Advisory Partners, Goldman Sachs Investment Banking & Co. LLC, and Morgan Stanley & Co. LLC. Legal advisors to Ardonagh include Paul, Weiss, Rifkind, Wharton & Garrison LLP, while Debevoise & Plimpton LLP acted as legal advisors to Stone Point.
In February 2025, Ardonagh simplified its capital structure with a successful refinancing, and in March 2025, the company launched Ardonagh Intelligence, marking a new phase in its journey to harness machine learning and data enrichment. A party related to Ardonagh has retained a minority stake in the combined Markerstudy Group.
With these strategic moves and the backing of major investors, Ardonagh is poised for continued growth and success in the global insurance market.
The Ardonagh Group's recent $2.5 billion equity investment, led by Stone Point Capital LLC, indicates a strong financial backing for their business, especially in the global P&C insurance market. This significant investment, with Stone Point, Madison Dearborn Partners (MDP), HPS Investment Partners (HPS), and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) as significant shareholders, suggests a firm belief in Ardonagh's long-term growth strategy and potential for eventual business expansion.
