Press release

Ardonagh Group announces completion of the acquisition of BGC Partners insurance operations

01 November 2021

The Ardonagh Group today announces that, further to the announcement on 26 May 2021, it has completed its $500 million acquisition of the insurance operations of BGC Partners, Inc.

Besso Insurance, Ed Broking, and Piiq Risk Partners will join Bishopsgate, Compass London Markets, Inver Re and Price Forbes in the Ardonagh Specialty and Capital platform, creating the largest independent specialty broker in the London market with offices across the globe.

Ardonagh Specialty and Capital now has a combined $450m revenue, placing over $5bn GWP on behalf of clients with offices in France, Germany, Turkey, the UAE, Singapore, Malaysia, Hong Kong, China, Australia, South Africa, Chile, Brazil, the USA and Bermuda.

Including the Ardonagh Advisory, Ardonagh Retail and Ardonagh International platforms the Group now places $13bn GWP and has $1.4bn annual revenue.

The Ardonagh Specialty leadership team includes James Masterton as Chairman of Specialty Broking and Andrew Wallin as CEO of Specialty Broking alongside Steve Hearn as CEO of Reinsurance and Capital and Antony Erotocritou as CFO.

James Masterton commented: “I am especially excited to welcome approaching 900 new colleagues to Ardonagh Specialty. We have known and admired many of them for years. Together we now have a unique opportunity to build a preferred home for talent and the number one choice for clients on a truly global scale.”

Steve Hearn said: “I’m very much looking forward to the opportunity to lead Inver Re and grow Ardonagh’s Capital Solutions business. With the scale and backing of the Group and its investment in data science, we have the opportunity to become a top 5 global reinsurance broker and provide a credible independent choice for clients.”

Andrew Wallin added: “The businesses within Ardonagh Specialty are known for delivering high calibre solutions to blue chip clients and the brands joining today are a great addition to that family and the wider Ardonagh Group. The combined scale of our platform allows us to invest even deeper in our talent, our focus on technological development and our actuarial and analytical capabilities to benefit all our brands, delivering a powerful combination of scale, placement expertise and a personal service, all in support for our clients.”

For all media enquiries, please contact Peter Rigby, Caroline Klein or Hannah Stewart at Haggie Partners on +44 (0)20 7562 4444.

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