The Ardonagh Group Nine Month 2022 Results

16 November, 2022 |Ardonagh Group | Financial

The Ardonagh Group (‘Ardonagh’ or ‘Group’) today announces its results for the nine months ended 30 September 2022.

Income rose by 34% to £905 million ($1.2 billion) and Adjusted EBITDA by 20% to £286 million ($366 million).

Group organic growth was 6%, driven by Specialty, International and Advisory Platforms as new producer hires reached maturity and growth initiatives were developed and deployed.

Unlevered free cash flow(1) was £246 million ($316 million) for the 12 months to 30 September 2022. The Group had £795 million ($1 billion) available liquidity as of 30 September 2022.

Group CEO David Ross commented: “Ardonagh’s strong performance continued into the third quarter, with the diversity of our Platforms providing a great hedge against volatility in any single geography or product.

“We will continue to build our global momentum with a clear and disciplined approach to acquisitions, executing on organic and operational excellence initiatives, and continuing to foster a high-performance client-centric environment for our 9,000 people.”



  1. Unlevered Free Cash Flow defined as cash flow after investments and tax, but before interest, ETV costs, M&A and other financing cash flows
  2. Includes acquisitions and disposals from the completion date.
  3. “Adjusted EBITDA” or “Adj. EBITDA" defined as EBITDA after adding back discontinued operations, restructuring costs, Transformational Hires, Business Transformation Costs, Legacy Costs and Other Costs, regulatory costs, acquisition and financing costs, profit/loss on disposal of businesses or investments, share of operating profit/loss from associate, reduction/increase in the value of contingent consideration, as applicable. Adjusted EBITDA is stated before exceptional costs and one-off items as determined by management.
  4. There was a change to the holding company of the Group on 31 May 2022. The results are presented on a comparable basis for the full nine-month period.


Notes to Editors


The Ardonagh Group is one of the world's leading independent insurance distribution platforms. The Group has the best entrepreneurial and specialised brands with a network of over 150 locations with over 9,000 people. The portfolio offers a highly diversified choice of insurance products and services along the entire insurance value chain in the UK, Ireland, and wider international markets. From complex multinationals to people buying personal insurance policies, understanding the communities it serves, along with the reach and breadth, allows the Group to work with insurance partners to provide a wide range of products and customised solutions that meet customer needs.


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