U.K. Insurance Broker Ardonagh Valued at $7.5 Billion in ADIA Deal - Bloomberg
Abu Dhabi Investment Authority has acquired a stake in Ardonagh Group in a transaction valuing the U.K. insurance broker at $7.5 billion.
The sovereign fund joined as a new investor in Ardonagh alongside several other large global institutions, Ardonagh said in a statement Wednesday, confirming an earlier Bloomberg News report. The investment was led by existing Ardonagh backers Madison Dearborn Partners and HPS Investment Partners, according to the statement.
ADIA has bought about 8% of Ardonagh, according to people familiar with the matter. Around 600 Ardonagh staff are selling some of their shareholdings to ADIA as part of the deal, the people said, asking not to be identified discussing confidential information.
Founded in 2017, Ardonagh operates as an independent insurance broker with four units -- international, specialty, advisory and retail. The company employs more than 8,000 people in over 100 locations, according to its website. It’s recently been growing through acquisitions, while also exploring options for its retail unit.
Earlier this month, it hired U.K. business veteran Andrew Higginson as chairman of its retail insurance business. The appointment of Higginson, who helped engineer this year’s sale of British grocer Wm Morrison Supermarkets Plc, is an indication the retail business may be a contender for an initial public offering.
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