Ardonagh Group Ltd. said Wednesday that it is buying the insurance brokerage business of BGC Partners Inc. for $ 500 million.
Ardonagh acquires 100% of the wholesale and specialist broker Ed Broking Group Ltd. and Lloyd's broker Besso Insurance Group Ltd., recently grouped under the Corant Global brand.
The deal also includes the aviation specialist Piiq Risk Partners Ltd., the German marine broker Junge & Co. Versicherungsmakler GmbH, UK-based managing 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 consisting of Price Forbes, Bishopsgate and Compass London Markets, St. Helier, Jersey-based Ardonagh. Group said in its statement.
About 900 employees work in the companies that generated $ 1
Ardonagh's CEO David Ross said agreements would create the largest privately owned specialist broker in London.