Ardonagh Group Reports Strong Financial Results, Thanks Investment and Expansion
The Ardonagh Group announced robust financial results for the year ending December 31, 2024, with income and earnings showing substantial gains. The company’s strategic investments and expansion efforts were key drivers behind the positive performance, according to company leadership.
For the year, the company reported a 24% increase in income, reaching $1.99 billion. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also climbed significantly, rising 31% to $683 million compared to the prior year. These financial achievements follow a recent investment round led by Stone Point Capital, which valued Ardonagh at $14 billion.
Pro forma income, incorporating completed acquisitions and those committed up to March 17, 2025, along with annualized growth and cost-saving initiatives, reached $2.5 billion. Pro forma adjusted EBITDA for the period was $941 million. On a constant currency basis, organic income saw an 8% increase.
Ardonagh Group completed 68 acquisitions throughout the year, including the purchase of PSC Insurance Group. These acquisitions spanned multiple regions, bolstering the company’s global footprint. Further streamlining its financial structure, Ardonagh Group refinanced its borrowings in February 2025, successfully lowering its average cost of debt from 9.3% in 2023 to 7.5%.
Investment and Expansion
Stone Point Capital’s investment is expected to finalize by mid-2025, with Stone Point becoming a substantial shareholder alongside Madison Dearborn Partners, HPS Investment Partners, and other institutional investors, including a wholly owned subsidiary of the Abu Dhabi Investment Authority. This investment provides Ardonagh with the capital to continue its expansion and strengthen its market position.
In its 2024 Sustainability Report, Ardonagh outlined progress on environmental, social, and governance (ESG) initiatives. These efforts included over $7 million raised by its registered charity, ACT, alongside important milestones in its community grant and colleague match-funding programs.
CEO David Ross characterized 2024 as a pivotal year for the company, highlighting the refinancing, the merger of its retail business Atlanta with Markerstudy, and the acquisition of PSC Insurance Group. Ross stated that Ardonagh’s property and casualty platforms are well-positioned for future growth, and that the specialty business is benefiting 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, along with the addition of over 1,500 employees through acquisitions. Tiner also marked significant anniversaries for two of the company’s businesses: Arachas, celebrating its 20th year, and MDS, celebrating its 40th.
“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.
