International growth boosts Ardonagh earnings
International growth boosts Ardonagh earnings
22 August 2022
Expansion in Australia, Ireland, Germany and the US contributed to an increase in half-year earnings for UK-based Ardonagh Group.
The group’s specialty and international divisions together contributed 44% of group income in the first six months of this year, compared with 31% the previous corresponding period.
Ardonagh Group income rose 37% to £595 million ($1.03 billion) for the half and adjusted earnings before interest, tax, depreciation and amortisation increased 21% to £186 million ($322 million), the company reported.
Specialty income jumped 102% following the acquisition of Besso Insurance, Ed Broking and Piiq Risk Partners and ongoing hires, while Ardonagh International grew 69%.
Ardonagh International comprises the European business and Ardonagh Global Partners, which includes Australian broker Resilium and investment business Ethos Broking Australia.
“These results reflect the strength of our business model, with presence across multiple product lines, industries and geographies providing natural resilience and opportunity,” Group CEO David Ross said.
Mr Ross says the group is committed to building on what it has learned from its growth so far, and to making the most of diverse perspectives as more people join the company.
“To that end the launch of Ardonagh Academy in partnership with the Centre for Creative Leadership was a highlight of the quarter,” he said.
The group, which also has advisory and retail divisions, says it had £683.3 million ($1.18 billion) in available liquidity as of June 30.
