Ardonagh Group announces completion of the acquisition of BGC Partners insurance operations
Ardonagh Group now $1.4bn revenue placing $13bn GWP
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.”
Notes to Editors
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About Globe Underwriting
Globe Underwriting is owned by The Ardonagh Group, the largest independent insurance broker in the UK.
The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are a collection of best-in-class entrepreneurial and specialist brands with a network of more than 100 locations and a combined workforce of more than 7,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets.
From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.
Ardonagh Specialty is the holding company and growth platform for leading independent brokers Price Forbes, Bishopsgate and Compass London Markets.
With a strong presence and deep relationships worldwide and a steadfast commitment to investing in the best people, markets and technology, together these brands offer open market programmes, reinsurance and international solutions designed to empower clients to achieve their strategic ambition.
BGC Partners, INC
BGC Partners is a leading global brokerage and financial technology company. BGC specializes in the brokerage of a broad range of products, including fixed income (rates and credit), foreign exchange, equities, energy and commodities, shipping, insurance, and futures. BGC also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions.
Through brands including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, Lucera, Corant Global, Corant, and Piiq are trademarks/service marks and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates. BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms.
BGC’s Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC Partners is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick.