UK insurance broker Ardonagh Group has completed its acquisition of the insurance operations of BGC Partners Inc. for $500 million in cash.
The deal was first announced in May.
Ardonagh has acquired 100% of Ed Broking Group and Besso Insurance, which were recently grouped together under the brand of Corant Global. Corant comprises global wholesale and specialty re/insurance broker Ed, Lloyd’s broker Besso, aviation specialist Piiq Risk Partners, German marine broker Junge, UK-based MGA Globe Underwriting, Australian MGA Epsilon Underwriting and European MGA Cooper Gay.
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 what the company says is the largest independent specialty broker in the London market with offices across the globe.
Ardonagh Specialty and Capital now has a combined $450 million revenue, placing over $5 billion 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 $13 billion GWP and has $1.4 billion 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.
“Ardonagh is an excellent partner to continue our insurance brokerage business. The combined platform will add to their strength, capability, and create the world’s leading independent specialty insurance broker,” commented Howard W. Lutnick, chairman and chief executive officer of BGC, headquartered in New York and London.
BGC has said the sale proceeds will provide additional capital to invest in its Fenics business, which operates electronic trading platforms.
“While the growth of our insurance brokerage business was industry-leading, we believe the scale and scope of the Fenics opportunity is far greater, with potential to drive shareholder value materially higher,” Lutnick said.
Through brands including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data, BGC offers financial technology services, market data, and analytics related to numerous financial instruments and markets.
Formed in 2017, Ardonagh’s brands include Autonet, Arachas, Bishopsgate, Broker Network, Carole Nash, Compass Networks, Ethos Broking, Geo Underwriting, Price Forbes, Swinton, Towergate and URIS. With a UK headquarters in London, Ardonagh’s registered address is in St. Helier, Jersey, one of the Channel Islands off the coast of the UK.
Topics Mergers & Acquisitions
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