The Ardonagh Group, the global insurance broker with operations in Bermuda, has announced an equity investment from funds managed by US-based private equity firm Stone Point Capital LLC that values it at $14 billion.

Stone Point is an alternative investment management firm focused on the global financial services and related industries.

Ardonagh said completion is expected to take place in mid-2025, at which point Stone Point will become a significant shareholder in Ardonagh, alongside Madison Dearborn Partners, HPS Investment Partners, as well as co-investors, including a wholly owned subsidiary of the Abu Dhabi Investment Authority and several other large global institutions.

The transaction caps a pivotal year for the Group, which completed a milestone refinancing in March, followed by the completion of the merger of its personal lines business into Markerstudy in June and the take private of Australia’s PSC Insurance Group in October.

David Ross, the chief executive of The Ardonagh Group, said: “Stone Point’s investment in the Group marks a new phase in our extraordinary journey over the past few years to become the $14 billion business we are today.

“Their support reflects conviction in the strength of Ardonagh’s business and continued momentum and redoubles our commitment to independence in a consolidating market.

“We look ahead to a future backed by partners whose deep understanding of our industry, expertise and networks will be invaluable as we capitalise on Ardonagh’s unique position in the global insurance market to deliver value to our clients, shareholders and people.”

The transaction is subject to customary closing conditions including regulatory approvals.