Ardonagh Group completes BGC Partners deal

Ardonagh Group has completed its $500m deal for the insurance operations of BGC Partners, which increases group revenues to $1.4bn and gross written premiums to $13bn.

The acquisition includes Besso Insurance, Ed Broking and Piiq Risk Partners, which will become part of Ardonagh Specialty and Capital, alongside Bishopsgate, Compass London Markets, Inver Re and Price Forbes.

Ardonagh said this will make it the largest independent specialty broker in the London market, after several years of buying up broking houses.

Ardonagh Specialty and Capital will place more than $5bn in gross premiums and has offices in France, Germany, Turkey, the UAE, Singapore, Malaysia, Hong Kong, Australia, China, South Africa, Chile, Brazil, the US and Bermuda.

The latest acquisition will increase employee numbers by 900. Ardonagh Specialty will be led by James Masterton as chair and Andrew Wallin as CEO. Steve Hearn, CEO of reinsurance and capital, said it aims to become a top-five global reinsurance broker.

Masterton said: “Together we now have a unique opportunity to build a preferred home for talent and the number one choice for clients on a truly global scale.”