The Ardonagh Group Revenue, Valuation, Funding & Investors

The Ardonagh Group is valued at $7.5B as of December 2021, a 5.0x multiple on its last reported $1.5B revenue.

Last The Ardonagh Group valuation

$7.5B

Undisclosed stage · Dec 2021

Last The Ardonagh Group funding round

$1B

Undisclosed stage · Dec 2021

The Ardonagh Group revenue

$1.5B

Undisclosed stage · Dec 2021

Key investors in The Ardonagh Group

  • Abu Dhabi Investment Authority
  • Madison Dearborn Partners
  • HPS Investment Partners

The Ardonagh Group Overview

About The Ardonagh Group

The Ardonagh Group is the United Kingdom's largest independent insurance brokerage consolidating specialist firms in retail, corporate, and reinsurance markets. London-headquartered and formed in 2014, it operates through brands like Towergate and Swinton serving personal lines, commercial risks, and specialty covers. The group maintains 400 offices across the UK and Ireland with expertise in motor, property, and liability placements.


Founded

2017

HQ

United KingdomLondon

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Commission

Revenue

$1.5B (Dec 2021)

Valuation

$7.5B (Dec 2021)

The Ardonagh Group Valuation

The Ardonagh Group is currently valued at $7.5B, based on its undisclosed-stage round in December 2021.

The $1B round was led by Abu Dhabi Investment Authority, with participation from Madison Dearborn Partners and HPS Investment Partners.

The Ardonagh Group valuation by funding round

The Ardonagh Group valuation by funding round
DateStageValuationRevenue Multiple
Dec 2021Undisclosed stage$7.5B5.0x

The Ardonagh Group Revenue

The Ardonagh Group's latest recorded revenue is $1.5B, as of its undisclosed-stage round in December 2021. At a $7.5B valuation, that implies a 5.0x revenue multiple.

The Ardonagh Group revenue by funding round

The Ardonagh Group revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2021$1.5B$7.5B5.0xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

The Ardonagh Group Funding History

The Ardonagh Group has raised a total of $1B across 1 funding round.

The Ardonagh Group funding rounds

The Ardonagh Group funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2021Undisclosed stageAbu Dhabi Investment Authority (lead); Madison Dearborn Partners; HPS Investment Partners$1B$7.5BThe Ardonagh Group is a UK-headquartered independent insurance broker formed in 2017 through the merger of several UK insurance firms. The company operates across the full insurance distribution value chain through four units—international, specialty, advisory, and retail—employing approximately 8,000 people across more than 100 locations. As of the investment date, Ardonagh had become a top 20 global insurance broker, placing $13 billion in premiums annually. In December 2021, Ardonagh secured a major equity investment led by existing shareholders Madison Dearborn Partners and HPS Investment Partners, with the Abu Dhabi Investment Authority joining as a new co-investor alongside other large global institutions. The transaction valued the company at $7.5 billion and involved the co-investors acquiring more than $1 billion in equity. According to the announcement, ADIA acquired approximately 8% of Ardonagh, with around 600 Ardonagh employees selling some of their shareholdings as part of the deal. As of September 30, 2021, Ardonagh reported LTM Pro-Forma Income of $1.5 billion and LTM Pro-Forma Adjusted EBITDA of $530 million, representing compound annual growth rates of 25% for revenue and 46% for EBITDA since 2016. The company has demonstrated significant growth through strategic acquisitions, including BGC's insurance and reinsurance broking operations in 2021.

Who has invested in The Ardonagh Group?

3 investors have backed The Ardonagh Group across its funding rounds, including Abu Dhabi Investment Authority, Madison Dearborn Partners and HPS Investment Partners.

Lead investors include Abu Dhabi Investment Authority.


The Ardonagh Group Investors

Investors in The Ardonagh Group by funding rounds participated
InvestorHQRoundsRoleFirst check
Madison Dearborn PartnersUnited StatesUnited States1ParticipantDec 2021

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Acquisitions by The Ardonagh Group

The Ardonagh Group has acquired 15 companies to date.

Last acquisition by The Ardonagh Group was on February 16th 2026. The Ardonagh Group acquired Risk Management Insurance Brokerage for undisclosed valuation.


Latest Acquisitions by The Ardonagh Group

Risk Management Insurance Brokerage
Letton Percival
Anderson & Co Insurance Brokers
Rowett Insurance Broking
Description
Risk Management Insurance Brokerage is a Hong Kong specialist broker arranging employee benefits, property & casualty, transport & logistics, and financial lines coverage.
Letton Percival is an insurance brokerage providing home, motor, corporate, and overseas removals coverage. UK-based in Surrey, it serves personal and business clients with tailored policies and claims support.
Ripon-based Anderson & Co Insurance Brokers arranges commercial insurance policies for businesses including liability, property, fleet, and cyber coverage alongside personal lines such as home, motor, and high-net-worth protection. The independent brokerage serves SMEs and larger enterprises across Yorkshire and the UK with tailored risk transfer programs.
Rowett Insurance Broking is a UK-based provider of personal lines, agricultural, and commercial insurance policies. From its Devon offices, it covers farms, rural properties, vehicles, and liability risks through partnerships with major insurers like AXA and NFU Mutual.
HQ CountryHong KongUnited KingdomUnited KingdomUnited Kingdom
HQ City
-
Liverpool
Blackpool
Saint Austell
Deal Date16 Feb 20263 Apr 202513 Mar 202531 Oct 2024
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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The Ardonagh Group Competitors

The Ardonagh Group competitors include listed companies like Primerica, Ryan Specialty, CAIXA Seguridade and Steadfast Group, and private ones like The Automobile Association and Howden Group Holdings.

Public and private companies comparable to The Ardonagh Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PrimericaUnited StatesUnited StatesPublicly listed$3.3B$1B$8.9B3.0x
The Automobile AssociationUnited KingdomBasingstokePrivate$739M$456M$5.3B7.2x
Howden Group HoldingsUnited KingdomLondonPrivate$1B$297M$5B4.8x
Ryan SpecialtyUnited StatesUnited StatesPublicly listed$3.1B$803M$4.9B2.8x
CAIXA SeguridadeBrazilBrazilPublicly listed$478M-$12B10.1x
Steadfast GroupAustraliaAustraliaPublicly listed$1.1B$359M$4.5B3.2x

The Ardonagh Group Public Comps

The Ardonagh Group is still privately-owned, but its public comps include Primerica, Ryan Specialty, Steadfast Group, Baldwin Insurance, CorVel, Rasan, CAIXA Seguridade, AUB Group, Grupo Profuturo and Goosehead Insurance.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Primerica$3.3B$1B3.2x3.0x10.3x-
Ryan Specialty$3.1B$803M3.0x2.8x11.3x9.0x
Steadfast Group$1.1B$359M4.4x3.2x13.4x9.8x
Baldwin Insurance$1.5B$197M5.1x4.0x38.3x17.4x
CorVel$959M$175M3.5x-19.1x-
Rasan$174M$73M16.1x11.0x38.6x25.9x
CAIXA Seguridade$478M-25.1x10.1x-12.1x
AUB Group$776M$239M3.6x2.4x11.6x6.9x

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Common questions about The Ardonagh Group

When was The Ardonagh Group founded?The Ardonagh Group was founded in 2017.
Where is The Ardonagh Group headquartered?The Ardonagh Group is headquartered in London, United Kingdom.
Is The Ardonagh Group publicly listed?No, The Ardonagh Group is a private, VC-backed company.
What is The Ardonagh Group's valuation?The Ardonagh Group was last valued at $7.5B in its undisclosed-stage round in December 2021.
How much funding has The Ardonagh Group raised?The Ardonagh Group has raised $1B across 1 funding round.
What was The Ardonagh Group's last funding round?The Ardonagh Group's last funding round was a $1B undisclosed-stage round in December 2021, led by Abu Dhabi Investment Authority.
Who are The Ardonagh Group's investors?The Ardonagh Group's investors include Madison Dearborn Partners, Abu Dhabi Investment Authority and HPS Investment Partners.
What is The Ardonagh Group's revenue?The Ardonagh Group's latest recorded revenue is $1.5B (December 2021).
What is The Ardonagh Group's revenue multiple?The Ardonagh Group's latest valuation implies a 5.0x revenue multiple ($7.5B valuation on $1.5B of revenue).
Which companies are comparable to The Ardonagh Group?Companies comparable to The Ardonagh Group include Primerica, The Automobile Association, Howden Group Holdings, Ryan Specialty, CAIXA Seguridade and Steadfast Group.
How many companies has The Ardonagh Group acquired?The Ardonagh Group has acquired 15 companies, including Risk Management Insurance Brokerage, Letton Percival, Anderson & Co Insurance Brokers, Rowett Insurance Broking and R K Henshall.
What was the largest acquisition by The Ardonagh Group?The $1.5B acquisition of PSC Insurance Group in May 2024 is the largest acquisition The Ardonagh Group has made to date.

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