The Ardonagh Group has reported a 33.4% rise in income to £443.2 million for the first half of 2021, and an adjusted EBITDA increase of 53.4% to £153.3 million.
Year-to-Date the broker also shouldered £279.9 million in operating costs, a 24.5% increase from the prior year period.
Results were said to be underpinned by 10% organic income growth in the quarter and strong M&A momentum.
Concurrently , existing shareholders have subscribed for £350 million of additional equity combined with a £550 million additional committed Capex, Acquisition and Re-organisation Facility backed by existing lenders.
“This is an exceptionally strong set of results as the business and our clients rebound from the economic impacts of Covid-19 with vigour and confidence. It reflects the dedication of our 7,000 people and the delivery of our strategy from the leadership teams across all operating segments,” said Ardonagh CEO David Ross.
“The first half of the year marked significant international expansion with the launch of Ardonagh Global Partners and Ardonagh Europe forming our new International platform and we were pleased to welcome new colleagues from Australia, Ireland, Germany, Chile, Bermuda and the United States as well as the UK.
“In Specialty we announced an agreement to acquire the insurance operations of BGC Partners, a transformational acquisition and our largest to date.
“Upon completion of this acquisition, Ardonagh Specialty will become the largest privately owned London wholesale broker placing over $5 billion of insurance premium annually, providing a natural alternative for clients and producers who value both independence and scale.”
