Ardonagh posts 24% increase in income for 2024

The Ardonagh Group has posted income of £1.57bn ($1.98bn) in its full-year 2024 results, representing a year-on-year uplift of 24% from £1.26bn ($1.59bn) in 2023.

The broker also achieved a 31.2% increase in its adjusted earnings before interest, tax, depreciation and amortisation (ebitda) – rising from £413m ($521m) in 2023 to £542m ($683m) in the 12 months ending 31 December 2024.

Adjusted ebitda is defined as ebitda after adding back discontinued operations, restructuring costs, transformational hires, business transformation costs, legacy costs and other costs, regulatory costs, acquisition and financing costs, profit and loss on disposal of businesses or investments, share of operating profit and loss from associate, reduction and increase in the value of contingent consideration, as applicable.

Adjusted ebitda is also stated before exceptional costs and one-off items as determined by management.

These results follow news from December 2024 of Ardonagh securing major investment from funds managed by US-based private equity firm Stone Point Capital, which valued Ardonagh at £11bn ($14bn). 

Yesterday (27 March 2025), Insurance Times also reported that this investment was close to raising as much as £2bn ($2.5bn) to support the group’s expansion.

In its results statement, Ardonagh also noted that it had completed 68 acquisitions across 2024, including its £1.12bn (A$2.3bn) purchase of Australian broker PSC Insurance Group.

The results also reflect Ardonagh’s mega-deal to merge its broking business Atlanta Group with Markerstudy, which completed in June 2024.

Coming of age

Commenting on the full-year results, group chief executive David Ross said: ”2024 was a coming of age for Ardonagh. We started the year with a successful refinancing, completed the merger of our retail business Atlanta with Markerstudy and took PSC Insurance Group in our biggest acquisition to date, all while continuing to strengthen our position in the UK and executing a targeted M&A strategy in our chosen markets globally.

“Our established property and casualty platforms are well positioned for continuing organic growth and specialty business is reaping the benefits of new hires, placement initiatives and its connections with the broader group.”

Ross added that Stone Point’s investment was “a huge achievement” that would provide security, stability and “control of destiny”

• Insurance Times has converted dollar amounts into pound sterling at an exchange rate of £1 = $1.26, as at March 2025