Global insurance intermediary The Ardonagh Group has reported a 24% increase in income for the full year 2024 (FY’24) to $1.99 billion as adjusted EBITDA grew by 31% to $683 million.
The pro forma income for FY’24 was reported at $2.5 billion, and pro forma adjusted EBITDA is $941 million, including completed and committed acquisitions to March 17th, 2025, along with annualised growth and savings initiatives.
The group’s organic income growth for the year is 8% on a constant currency basis, with 68 completed acquisitions, including the public to private purchase of PSC Insurance Group, Ardonagh’s largest acquisition to date, and 62 add-on acquisitions across multiple geographies.
The group managed to successfully refinance borrowings completed in February 2025, reducing the average cost of debt from 9.3% in FY23 to 7.5% and simplifying the capital structure.
In 2024, Stone Point Capital led strong demand for an equity investment round, where the enterprise was valued at $14 billion; the completion is expected to take place in mid-2025.
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Post completion, Stone Point will become a significant shareholder in Ardonagh, alongside Madison Dearborn Partners, HPS Investment Partners, as well as co-investors including a wholly owned subsidiary of the Abu Dhabi Investment Authority and several other large institutions.
David Ross, Group Chief Executive Officer, The Ardonagh Group, commented, “2024 was a coming of age for Ardonagh. We started the year with a successful refinancing, completed the merger of our retail business Atlanta with Markerstudy, and took PSC Insurance Group private in our biggest acquisition to date. All while continuing to strengthen our position in the UK and executing a targeted M&A strategy in our chosen markets globally.
“Our established P&C platforms are well positioned for continued organic growth, and our Specialty business is reaping the benefits of new hires, placement initiatives and its connections with the broader Group. We ended a terrific year with Stone Point Capital’s agreement to invest into Ardonagh at a valuation of $14 billion. Stone Point’s investment is a huge achievement for our 12,000 people that provides the security, stability and control of destiny that comes from being a private company for years to come.”
John Tiner, Group Chairman, The Ardonagh Group, added, “Though in our seventh year as a united group, Ardonagh’s roots grow far deeper. We celebrated the 20th anniversary of Arachas, while MDS marked its 40th year. Both businesses are leaders in their respective markets of Ireland, and Portugal and Brazil, and we are delighted to back their continued success.
“We entered Spain and New Zealand for the first time, and in total welcomed more than 1,500 new colleagues from the 68 deals completed across the year. With this growth in our footprint comes yet more specialist expertise and innovative thinking to bring to the clients and communities we serve. The lessons gathered in the journeys of all our companies contribute to a living legacy for our combined Group – which is today being used to drive our path towards high-quality growth and earnings, and an exciting future for a truly global enterprise.”
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