Global insurance brokerage and service provider, The Ardonagh Group, has reported income growth of 32.5% over the course of 2021, underpinned by organic growth of 7.3%.
The company recorded income of £945.8 million for the full-year period, representing an increase of £232.0 million on the £713.8 million generated in the previous year.
This included an eight-fold income growth in Ardonagh International from £22 million in 2020 to £188 million pro forma income in 2021.
Likewise, Ardonagh’s adjusted EBITDA increased by 42.4% from £223.7 million to £318.5 million.
The company’s M&A approach also yielded 27 acquisitions during the year at an average multiple of 6.5x post revenue and cost synergies, including the acquisitions of Ed Broking and Besso Insurance.
In December 2021, Ardonagh was valued at $7.5 billion as part of a significant new equity investment led by existing long-term shareholders MDP and HPS Investment Partners.
“Once again The Ardonagh Group has made exceptional progress in strengthening its position as a leading international insurance intermediary business, successfully managed a number of challenges emerging from the external environment, furthered its contribution to the societies and communities which we live and work in, and improved its financial performance,” said Chairman John Tiner.
“The Group has an ambitious programme of growth over the next several years and the stability and quality of our shareholder base, together with our lending partners, provides the foundation for achieving these plans.”
CEO David Ross also commented: “The Group we have built is unique in our industry both because of our diversification and our operating model, with each of our platforms operationally integrated, independent, and yet culturally invested in each other.
“2021 was also a defining year because of the transformational acquisitions we made to expand our model internationally. During the year we launched Ardonagh International with the creation of Ardonagh Global Partners and Ardonagh Europe,” Ross continued.
“With Ed Broking, Besso and Piiq Risk Partners joining Price Forbes, Bishopsgate, Compass London Markets and Inver Re in November, Ardonagh Specialty has become the largest independent broking platform in the London Market.”
“2021 has laid the foundations for a very exciting period of the Group. We enter 2022 with strength and an abundance of opportunity to consolidate our base in the UK and Ireland, forge new connections across the globe and deepen connections with each other.”
