US-based personal fairness agency Stone Level Capital has agreed to make an fairness funding in Ardonagh Group, permitting it to turn into a major shareholder within the insurance coverage dealer.
The completion of this funding is anticipated in the midst of 2025. The transaction is topic to plain closing circumstances together with regulatory approvals.
Stone Level will be part of present stakeholders equivalent to Madison Dearborn Companions (MDP), HPS Funding Companions and a subsidiary of the Abu Dhabi Funding Authority, together with different world establishments.
The funding funds managed by Stone Level Capital worth Ardonagh at $14bn.
The funding concludes a pivotal yr for Ardonagh, which noticed a significant refinancing in March, the merger of its private strains enterprise with Markerstudy in June and the privatisation of Australia’s PSC Insurance coverage Group in October.
With Stone Level’s backing, Ardonagh will leverage development alternatives throughout the world P&C insurance coverage market, capitalising on its regional presence.
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Fenchurch Advisory Companions, Goldman Sachs Funding Banking and Morgan Stanley are serving as monetary advisors to Ardonagh.
Paul, Weiss, Rifkind, Wharton & Garrison is offering authorized counsel to Ardonagh, and Debevoise & Plimpton to Stone Level.
Ardonagh Group CEO David Ross stated: “Stone Level’s funding within the Group marks a brand new part in our extraordinary journey over the previous few years to turn into the $14bn enterprise we’re immediately. Their assist displays conviction within the energy of Ardonagh’s enterprise and continued momentum and redoubles our dedication to independence in a consolidating market.”
Established in 2017 by means of the merger of a number of UK insurance coverage companies, Ardonagh has grown to handle $18bn of premiums, working throughout the whole insurance coverage distribution worth chain.
Stone Level has greater than $55bn of property below administration. The corporate targets investments in firms within the world monetary providers business and associated sectors.
