(Bloomberg) — Abu Dhabi Investment Authority has acquired a stake in Ardonagh Group that values the U.K.-based insurance broker at $7.5 billion.
Ardonagh announced the deal in a statement Wednesday that confirmed an earlier Bloomberg News report. Existing backer Madison Dearborn Partners has also increased its holding, while co-investor HPS Investment Partners recommitted to Ardonagh.
ADIA has bought about 8% of Ardonagh, according to people familiar with the matter. Around 600 Ardonagh staff are selling some of their shareholdings to ADIA as part of the deal, the people said, asking not to be identified discussing confidential information.
Founded in 2017, Ardonagh operates as an independent insurance broker with four units — international, specialty, advisory and retail. The company employs more than 8,000 people in over 100 locations, according to its website. It’s recently been growing through acquisitions, while also exploring options for its retail unit.
Earlier this month, it hired U.K. business veteran Andrew Higginson as chairman of its retail insurance business. The appointment of Higginson, who helped engineer this year’s sale of British grocer Wm Morrison Supermarkets Plc, is an indication the retail business may be a contender for an initial public offering.
(Updates with more specific details on size of ADIA stake in third paragraph.)
More stories like this are available on bloomberg.com
©2021 Bloomberg L.P.
