Ardonagh Sells £1.2 Billion Insurance Unit to Markerstudy
- Insurance broker searching for more deals outside the UK
- Ardonagh intends to stay private for long term to stay nimble
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The Ardonagh Group is selling its personal insurance business in a deal that will give Chief Executive Officer David Ross an £800 million ($1 billion) war chest for further acquisitions in specialist insurance broking.
Ardonagh is selling its Atlanta Group division to the UK insurer Markerstudy, in a deal that values the unit at £1.2 billion, according to a statement Thursday seen by Bloomberg. The deal is being funded by Pollen Street Capital and Bain. Pollen Street will remain Markerstudy’s majority owner.