The Ardonagh Group is selling its personal insurance business in a deal that will give Chief Executive Officer David Ross an £800 million ($1 billion) war chest for further acquisitions in specialist insurance broking.
Ardonagh is selling its Atlanta Group division to the UK insurer Markerstudy, in a deal that values the unit at £1.2 billion, according to a statement Thursday seen by Bloomberg. The deal is being funded by Pollen Street Capital and Bain. Pollen Street will remain Markerstudy’s majority owner.
