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Ardonagh buys BGC Partners’ insurance broking business

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The Ardonagh Group Ltd. said Wednesday it is buying the insurance broking operations of BGC Partners Inc. for $500 million.

Ardonagh will acquire 100% of wholesale and specialty broker Ed Broking Group Ltd. and Lloyd’s broker Besso Insurance Group Ltd., recently grouped under the brand of Corant Global.

The deal also includes aviation specialist Piiq Risk Partners Ltd., German marine broker Junge & Co. Versicherungsmakler GmbH, U.K.-based managing general agent Globe Underwriting Ltd., Australian MGA Epsilon Insurance Broking Services Pty. Ltd. and European MGA Cooper Gay SAS.

The acquired businesses will become part of the Ardonagh Specialty segment, now comprised of Price Forbes, Bishopsgate and Compass London Markets, St. Helier, Jersey-based Ardonagh Group said in its statement.

Roughly 900 staff work in the businesses that generated $191 million in revenue during the year ending March 31, 2021.

Ardonagh CEO David Ross said the deal would create the largest privately owned specialty broker in London.

 

 

 

 

 

 

 

 

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