Ardonagh to buy BGC's insurance business for $500m

Deal merger

Ardonagh Group has agreed to acquire the insurance operations of BGC Partners for a cash consideration of $500m (£354m).

The deal is subject to regulatory approval and the businesses will join Price Forbes, Bishopsgate and Compass London Markets as part of the Ardonagh Specialty segment.

Commenting on the announcement, Ardonagh CEO, David Ross said: “We’re delighted to welcome each of BGC’s insurance brokerage businesses to our Ardonagh Specialty platform. This is a compelling shakeup of the

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