Ardonagh Group is close to securing up to US$2.5 billion from investors to support its expansion, Bloomberg reported, citing sources familiar with the matter.
According to the report, the London-based insurance broker is expected to complete the capital raise this summer through an oversubscribed process. The sources said the funds will be used for growth initiatives, including potential acquisitions.
The fundraising follows Stone Point Capital’s agreement in December to invest in Ardonagh in a deal that valued the company at approximately US$14 billion.
A spokesperson for Ardonagh, which is majority-owned by Madison Dearborn Partners, declined to comment, Bloomberg reported.
Ardonagh’s expansion marks a significant transformation from its origins as Towergate, an insurance broker that was taken over by creditor HPS Investment Partners following financial difficulties linked to debt-funded acquisitions. In 2017, Towergate merged with three other insurance and services businesses to form Ardonagh.
With backing from Madison Dearborn Partners and later the Abu Dhabi Investment Authority, the firm has grown under CEO David Ross. Ardonagh has acquired assets in markets including Brazil, Spain and Italy. Last year, it purchased Australia’s PSC Insurance Group for an implied equity value of A$2.3 billion (US$1.5 billion), taking the company private and integrating it with its Envest business.
Ardonagh has recently undertaken several strategic initiatives to bolster its market position. In January 2025, Ardonagh’s subsidiary, Arachas Corporate Brokers, acquired Insight Insurance Brokers, based in Cork, Ireland.
In February, the company refinanced US$1.2 billion of its debt through a syndicated loan arrangement managed by Morgan Stanley, Bank of America and JPMorgan. This move allowed the company to reduce borrowing costs by shifting from private credit to the syndicated loan market.
Earlier this month, Ardonagh Advisory Broking Holdings acquired Anderson & Co (Holdings) Limited and its subsidiary to expand its presence in the northern UK.
