The Ardonagh Group announced robust financial results for 2024, with CEO David Ross attributing the success to the company’s strategic investments and expansion initiatives. The company’s reported income rose by 24% to $1.99 billion for the year ending December 31, 2024, while adjusted earnings climbed 31% to $683 million.
The company also confirmed a valuation of $14 billion following an investment round led by Stone Point Capital. Pro forma income reached $2.5 billion, with pro forma adjusted EBITDA at $941 million, factoring in both completed and committed acquisitions, along with annualized growth and cost-saving measures through March 17, 2025. Organic income, on a constant currency basis, saw an increase of 8%.
Ardonagh’s acquisition strategy was a key driver of growth, completing 68 acquisitions during the year, including its largest to date: the public-to-private purchase of PSC Insurance Group. Additionally, the company executed 62 add-on deals across multiple regions.
In February 2025, Ardonagh refinanced its borrowings, which reduced its average cost of debt from 9.3% in 2023 to 7.5%, streamlining its capital structure.
Stone Point Capital’s investment will see it become a significant shareholder, alongside Madison Dearborn Partners, HPS Investment Partners, and other institutional investors, including a wholly-owned subsidiary of the Abu Dhabi Investment Authority. The completion of this investment is anticipated by mid-2025.
Ardonagh’s 2024 Sustainability Report also highlighted progress on environmental, social, and governance (ESG) initiatives. Key achievements included over $7 million raised by its registered charity, ACT, and significant milestones in its community grant and colleague match-funding programs.
CEO David Ross described 2024 as a pivotal year, citing the refinancing, the merger of the retail business Atlanta with Markerstudy, and the acquisition of PSC Insurance Group as major milestones. He noted that 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 emphasized Ardonagh’s expansion into Spain and New Zealand and the addition of over 1,500 employees through acquisitions. He also marked significant milestones for two of its businesses: Arachas, celebrating 20 years, and MDS, which marked its 40th anniversary. “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.
