The Ardonagh Group (‘Ardonagh’ or ‘Group’) announces its results for the nine months ended 30 September 2022.
Income rose by 34% to £905 million ($1.2 billion) and Adjusted EBITDA by 20% to £286 million ($366 million). Group organic growth was 6%, driven by Specialty, International and Advisory Platforms as new producer hires reached maturity and growth initiatives were developed and deployed. Unlevered free cash flow was £246 million ($316 million) for the 12 months to 30 September 2022. The Group had £795 million ($1 billion) available liquidity as of 30 September 2022.
Group CEO David Ross commented: “Ardonagh’s strong performance continued into the third quarter, with the diversity of our Platforms providing a great hedge against volatility in any single geography or product. We will continue to build our global momentum with a clear and disciplined approach to acquisitions, executing on organic and operational excellence initiatives, and continuing to
foster a high-performance client-centric environment for our 9,000 people.”
Ardonagh owns the Atlanta group of brands, including Carole Nash, Marmalade, Be Wiser, Swinton and others. It also owns Besso, a Lloyd’s broker and is a partner with HWF, a mergers specialty brokerage. As things get tighter for insurtechs in 2023, Ardonagh is in a good place for making a move on a struggling player, be it a specialty broker, agent or start-up based in Europe or the US.