The Ardonagh Group has reported a 24% rise in income to US$1.99 billion for the year ended Dec. 31, 2024, with adjusted earnings climbing 31% from a year ago to US$683 million.
The company also confirmed a US$14 billion valuation following an investment round led by Stone Point Capital.
Pro forma income for the year reached US$2.5 billion, with pro forma adjusted EBITDA at US$941 million, incorporating completed and committed acquisitions up to March 17, 2025, as well as annualised growth and cost-saving measures.
Organic income grew 8% on a constant currency basis. The company completed 68 acquisitions during the year, including its largest to date – the public-to-private purchase of PSC Insurance Group – alongside 62 add-on deals across multiple regions.
In February 2025, Ardonagh refinanced its borrowings, cutting its average cost of debt from 9.3% in 2023 to 7.5% and streamlining its capital structure.
Stone Point Capital’s investment will see it become a key shareholder alongside Madison Dearborn Partners, HPS Investment Partners and other institutional investors, including a wholly owned subsidiary of the Abu Dhabi Investment Authority. Completion is expected by mid-2025.
Meanwhile, Ardonagh’s 2024 Sustainability Report outlined progress on environmental, social and governance (ESG) initiatives, including over US$7 million raised by its registered charity, ACT, and key milestones in its community grant and colleague match-funding programmes.
CEO David Ross described 2024 as a pivotal year, citing the refinancing, the merger of retail business Atlanta with Markerstudy and the PSC Insurance Group acquisition. He said the company’s property and casualty platforms are well positioned for growth, while the specialty business is benefitting from new hires and placement initiatives.
“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,” Ross said.
Chairman John Tiner highlighted Ardonagh’s expansion into Spain and New Zealand and the addition of more than 1,500 employees from acquisitions. He also marked milestones for two of its businesses—Arachas, celebrating 20 years, and MDS, which turned 40.
“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,” Tiner said.
