Ardonagh Group has completed its $500 million acquisition of the insurance operations of BGC Partners, it announced on Monday, and appointed Paul Scope as Bermuda chairman. Scope is currently the chairman of Corant Global, owned by BGC Partners.
The acquisition sees BGC businesses Besso Insurance, Ed Broking, and Piiq Risk Partners join Bishopsgate, Compass London Markets, Inver Re and Price Forbes in the Ardonagh Specialty and Capital platform, creating the largest independent specialty broker in the London market with offices worldwide.
Ardonagh Specialty and Capital now has a combined $450 million revenue, placing over $5 billion gross written premium on behalf of clients. Including the Ardonagh Advisory, Ardonagh Retail and Ardonagh International platforms, the group now has $13bn GWP and $1.4bn annual revenue.
The Ardonagh Specialty leadership team includes James Masterton as Chairman of Specialty Broking and Andrew Wallin as CEO of Specialty Broking alongside Steve Hearn as CEO of Reinsurance and Capital and Antony Erotocritou as CFO.
Starting his career in the UK with Norwich Union in 1976, Scope has nearly four decades’ experience in insurance in Bermuda, moving to Harnett & Richardson in 1983 and serving as president and CEO of Park International and then chairman of Park Group until 2007. He was then chairman and CEO of JLT PARK Bermuda, and until this May, chairman of Willis.
Ardonagh Group, acquisition, BGC Partners, Paul Scope, Corant Global, Insurance, Reinsurance, Ed Broking, Piiq Risk Partners, Bishopsgate, North America