US-based non-public fairness agency Stone Level Capital has agreed to make an fairness funding in Ardonagh Group, permitting it to turn out to be a big shareholder within the insurance coverage dealer.
The completion of this funding is predicted in the course of 2025. The transaction is topic to plain closing situations together with regulatory approvals.
Stone Level will be part of present stakeholders akin to Madison Dearborn Companions (MDP), HPS Funding Companions and a subsidiary of the Abu Dhabi Funding Authority, together with different international establishments.
The funding funds managed by Stone Level Capital worth Ardonagh at $14bn.
The funding concludes a pivotal yr for Ardonagh, which noticed a serious refinancing in March, the merger of its private traces 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 inside the international 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 out to be the $14bn enterprise we’re as we speak. Their assist displays conviction within the power 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 belongings underneath administration. The corporate targets investments in firms within the international monetary providers business and associated sectors.
