- Investment round valued Ardonagh at $14 billion
- Stone Point Capital now a significant shareholder alongside longstanding partners MDP and HPS
The Ardonagh Group (“Ardonagh” or “the Group”), one of the world’s largest independent insurance distribution platforms and a top 20 global broker, today announces the completion of a $2.5 billion equity investment led by funds managed by Stone Point Capital LLC (“Stone Point”), the US-based private equity firm.
The investment, which valued the Group at $14 billion, saw strong demand from co-investors connected to Stone Point, as well as to Madison Dearborn Partners (“MDP”) and HPS Investment Partners (“HPS”).
Stone Point is now a significant shareholder in Ardonagh, alongside MDP, HPS, and other large global institutions, including a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”).
With support from this diversified group of high-quality investors, Ardonagh remains well placed to capture numerous growth opportunities in the global P&C insurance market through its platform of businesses, which each have a strong regional in-market presence.
Founded in 2017 through the merger of several UK insurance businesses to create a diversified group providing wholesale, retail and specialist insurance solutions, Ardonagh has since transformed into a leading global broking group placing $18 billion of premiums and operating across the entire insurance distribution value chain.
Completion of the investment continues momentum at Ardonagh following a number of achievements in 2024. The Group completed the merger of its personal lines business into Markerstudy1 in June and the AU$2.3 billion take-private of Australia’s PSC Insurance Group in October, one of 68 acquisitions across multiple geographies completed in the year.
Most recently, the Group’s capital structure was simplified with a successful refinancing in February 2025, and in March 2025, it launched Ardonagh Intelligence, marking a new phase in its journey to harness the best of machine learning and data enrichment across its businesses to extend the benefits the Group can deliver to the millions of clients it serves.
David Ross, CEO of The Ardonagh Group, said: “Stone Point’s investment and the success of the co-investment process stand together as a resounding endorsement of Ardonagh. Amid a backdrop of global economic uncertainty, our unique proposition, track record and global platform attracted world-class investors who share our vision.
“We are proud to welcome Stone Point into the fold in this next chapter alongside long-term partners whose support has been invaluable in our journey to becoming a $14 billion company. With such strong financial backing, Ardonagh has unparalleled empowerment to capitalise on future growth opportunities and deliver value to our clients, investors and people.”
Jim Carey, Co-CEO of Stone Point, commented: “We are excited to partner with Ardonagh, as well as with MDP, HPS and ADIA. Ardonagh has distinguished itself as a leading platform in the global insurance distribution industry, and we believe that the company is well-positioned for continued growth.”
Vahe Dombalagian, Managing Partner of Madison Dearborn Partners, added: “Today’s announcement is a further testament to the continued strength and growth of Ardonagh, and its ability to operate and create value across market cycles. We are excited to officially welcome Stone Point to the partnership and look forward to collaborating closely with them.”
Scot French, a Governing Partner of HPS, said: “Stone Point’s investment—alongside strong interest from co-investors—reflects the strength of Ardonagh’s platform. We are proud to continue our long-standing partnership with David and the entire Ardonagh team as they focus on the next phase of growth.”
Fenchurch Advisory Partners, Goldman Sachs Investment Banking & Co. LLC and Morgan Stanley & Co. LLC are acting as financial advisors to Ardonagh. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to Ardonagh, while Debevoise & Plimpton LLP is acting as legal advisor to Stone Point.
1A party related to Ardonagh has retained a minority stake in the combined Markerstudy Group.
ENDS
For more information, please contact:
FOR ARDONAGH
Justin Griffiths / Madeleine Gordon-Foxwell
ardonagh@sodali.com / +44 207 100 6451
FOR STONE POINT CAPITAL LLC
Mary Manin
FOR MADISON DEARBORN PARTNERS
Deven Anand
H/Advisors Abernathy
abmacmdcp@h-advisors.global
+1 212 371 5999
FOR HPS
Mike Geller / Josh Clarkson
646-818-9018 / 646-818-9259
mgeller@prosek.com / jclarkson@prosek.com
NOTES TO EDITORS
THE ARDONAGH GROUP
The Ardonagh Group is one of the world’s largest independent insurance distribution platforms and a top 20 global broker. We are a collection of best-in-class entrepreneurial and specialist brands with a combined workforce of over 12,000 colleagues and a network spanning 200+ locations in more than 30 countries. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain globally. 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.
For more information, please visit www.ardonagh.com
STONE POINT CAPITAL LLC
Stone Point is an alternative investment firm with more than $65 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in alternative asset classes, including private equity through its flagship Trident Funds and credit through commingled funds and separately managed accounts. In addition, Stone Point Capital Markets supports the firm, portfolio companies and other clients by providing dedicated financing solutions.
For more information, please visit www.stonepoint.com.
MADISON DEARBORN PARTNERS
Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across four dedicated industry verticals, including financial services, basic industries, health care, and technology and government. Drawing on deep industry and operational expertise, MDP works closely with management teams to drive value creation and operational improvement across its portfolio.
For more information, please visit www.mdcp.com
HPS INVESTMENT PARTNERS
HPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share a common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with approximately $148 billion of assets under management as of September 2024.
For more information, please visit www.hpspartners.com.