Ardonagh Group Reports Strong Financial Results
The Ardonagh Group announced robust financial results for the year ending December 31, 2024, with CEO David Ross attributing the success to the company’s strategic investments and expansion initiatives. The company’s income rose significantly, highlighting a period of substantial growth and strategic development.
For the fiscal year, the Ardonagh Group reported a 24% increase in income, reaching $1.99 billion. Adjusted earnings also saw a considerable rise, climbing 31% year-over-year to $683 million. Following an investment round led by Stone Point Capital, the company’s valuation was confirmed at $14 billion. Pro forma income reached $2.5 billion, with pro forma adjusted EBITDA at $941 million, factoring in completed acquisitions up to March 17, 2025, and annualised growth and cost-saving measures. On a constant currency basis, organic income increased by 8%.
The company’s aggressive expansion strategy included a significant number of acquisitions. During the year, Ardonagh completed 68 acquisitions, its largest being the public-to-private purchase of PSC Insurance Group. The firm also finalized 62 add-on deals across various regions. In February 2025, Ardonagh optimized its financial structure through refinancing its borrowings, which led to a reduction in the average cost of debt from 9.3% in 2023 to 7.5%.
Investment and Expansion Strategy
Stone Point Capital’s investment solidifies its position as 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. The transaction is slated to be completed by mid-2025.
Ardonagh’s 2024 Sustainability Report highlighted progress on environmental, social, and governance (ESG) initiatives, including over $7 million raised by its registered charity, ACT, and key milestones achieved in its community grant and colleague match-funding programs.
CEO David Ross described 2024 as a pivotal year for the company, noting the refinancing, the merger of its retail business Atlanta with Markerstudy, and the acquisition of PSC Insurance Group as key milestones. He indicated that the company’s property and casualty platforms are well-positioned to capitalize on opportunities for growth, while the specialty business unit is seeing a boost 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, as well as the addition of more than 1,500 employees resulting from various acquisitions. He also marked significant anniversaries for two of its businesses: Arachas, celebrating its 20th year, and MDS, which marked its 40th year.
“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.
