MDS owner Ardonagh completes $2.5 billion equity investment led by Stone Point Capital

The Ardonagh Group ("Ardonagh” or "the Group”), one of the world’s largest independent insurance distribution platforms and a top 20 global broker, today announces the completion of a $2.5 billion equity investment led by funds managed by Stone Point Capital LLC ("Stone Point”), the US-based private equity firm. 

The investment, which valued the Group at $14 billion, saw strong demand from co-investors connected to Stone Point, as well as to Madison Dearborn Partners ("MDP”) and HPS Investment Partners ("HPS”). 

Stone Point is now a significant shareholder in Ardonagh, alongside MDP, HPS, and other large global institutions, including a wholly owned subsidiary of the Abu Dhabi Investment Authority ("ADIA”).

With support from this diversified group of high-quality investors, Ardonagh remains well placed to capture numerous growth opportunities in the global P&C insurance market through its platform of businesses, which each have a strong regional in-market presence.

Founded in 2017 through the merger of several UK insurance businesses to create a diversified group providing wholesale, retail and specialist insurance solutions, Ardonagh has since transformed into a leading global broking group placing $18 billion of premiums and operating across the entire insurance distribution value chain.

The Group’s global expansion began in 2020 with the acquisition of Arachas, which has grown into one of the leading insurance intermediaries in Ireland. Since then, Ardonagh has invested in leading insurance businesses in diverse geographies.

Ardonagh acquired MDS Group in December 2022, extending the Group’s reach into new regions including Portugal, where it is the undisputed market leader, Brazil, where it is one of the largest players in the market, and Africa (Angola, where it is the market leader, and Mozambique).

In 2023, MDS acquired Chilean-based RSG, Renaissance in Cyprus, and in 2024 announced its first move into Spain with the acquisition of Cobian Insurance Brokers in Madrid.

Founded 40 years ago, MDS annually manages more than 2.7 billion euros in insurance premiums, and employees more than 2000 employees in 54 offices in 11 countries. 

Completion of the investment continues momentum at Ardonagh following a number of achievements in 2024. The Group completed the merger of its personal lines business into Markerstudy1 in June and the AU$2.3 billion take-private of Australia’s PSC Insurance Group in October, one of 68 acquisitions across multiple geographies completed in the year. 

Most recently, the Group’s capital structure was simplified with a successful refinancing in February 2025 and in March, it launched Ardonagh Intelligence, marking a new phase in its journey to harness the best of machine learning and data enrichment across its businesses to extend the benefits the Group can deliver to the millions of clients it serves. 

David Ross, CEO of The Ardonagh Group, said: "Stone Point’s investment and the success of the co-investment process stand together as a resounding endorsement of Ardonagh. Amid a backdrop of global economic uncertainty, our unique proposition, track record and global platform attracted world-class investors who share our vision.

"We are proud to welcome Stone Point into the fold in this next chapter alongside long-term partners whose support has been invaluable in our journey to becoming a $14 billion company. With such strong financial backing, Ardonagh has unparalleled empowerment to capitalise on future growth opportunities and deliver value to our clients, investors and people.”

Jim Carey, Co-CEO of Stone Point, commented: "We are excited to partner with Ardonagh, as well as with MDP, HPS and ADIA. Ardonagh has distinguished itself as a leading platform in the global insurance distribution industry, and we believe that the company is well-positioned for continued growth.”

José Manuel da Fonseca, CEO of MDS Group, commented: "Stone Point Capital’s investment represents a powerful endorsement of MDS Group as we move into our next phase of growth. Their support will be key to deepening our presence in the Latin American and Iberian markets and further enhancing the value we deliver to our customers, brokers, and partners."

Vahe Dombalagian, Managing Partner of Madison Dearborn Partners, added: "Today’s announcement is a further testament to the continued strength and growth of Ardonagh, and its ability to operate and create value across market cycles. We are excited to officially welcome Stone Point to the partnership and look forward to collaborating closely with them.”

Scot French, a Governing Partner of HPS, said: "Stone Point’s investment—alongside strong interest from co-investors—reflects the strength of Ardonagh’s platform. We are proud to continue our long-standing partnership with  the entire Ardonagh team as they focus on the next phase of growth.”