The Ardonagh Group announces intention to acquire insurance operations of BGC Partners, Inc.

26 May, 2021 |Ardonagh Group | M&A

26 May 2021

The Ardonagh Group (“Ardonagh” or “the Group”) has today announced that it has agreed to acquire1 the insurance operations of BGC Partners, Inc. (“BGC”) for a cash consideration of $500 million, with the intention of housing the entities within the Ardonagh Specialty segment, which is currently comprised of Price Forbes, Bishopsgate and Compass London Markets.

Under the terms of the agreement, Ardonagh will acquire 100% of Ed Broking Group and Besso Insurance (which were recently grouped together under the brand of Corant Global) comprising 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. Approximately 900 people currently work across each of these insurance brands which contributed approximately $191 million in revenue during the twelve-month period ending March 31, 2021.

Ardonagh intends to fund the acquisition via a combination of equity and debt.

Commenting on the announcement, Ardonagh CEO, David Ross said: “We’re delighted to welcome each of BGC’s insurance brokerage businesses to our Ardonagh Specialty platform. This is a compelling shakeup of the global wholesale landscape, bringing two of the last remaining independent outfits of scale together to create the largest privately owned specialty broker in London, safeguarding choice for both clients and employees. A backdrop of unprecedented levels of consolidation has created a vacuum in the market, a space from which the BGC and Ardonagh businesses will emerge together as a preeminent force, restoring balance and cultivating a preferred destination for top-performing talent.”

CEO of Ardonagh Specialty, James Masterton, added: “This is a hugely complementary acquisition, aligning and accelerating our ambitions in the global specialty arena. The specialist broking and underwriting teams within the BGC operations are highly respected in their fields and their market leading progress in digitisation matches our own. We know that clients are looking for more innovation, for both product and capacity delivery, and our joined-up efforts in this space will ensure we remain competitive.”

Steve Hearn, CEO of BGC Insurance, said: “It is exciting to announce the sale of our insurance operations to The Ardonagh Group. Thanks to the efforts of our colleagues and under the parentage of BGC we have seen a tremendous period of growth. We plan for that upward trajectory to continue.”

Andrew Wallin, President of BGC Insurance, said: “Becoming part of The Ardonagh Group marks the start of a new and exciting chapter for us all. We are joining an organization that has scale, a track record of success in our industry and a shared vision to empower our broking and underwriting businesses.”


subject to regulatory approval



Notes to Editors


The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are collection of best-in-class entrepreneurial and specialist brands with a network of more 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. For more information, visit our website:



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 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. For more information, please visit:


For further information, please contact:


Justin Griffiths / Ngozi Emeagi                                                               

Tel: 02072501446 / 07894 326890


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