The Ardonagh Group has continued the build-out of its operations in Asia with the acquisition of a majority stake in Apex Insurance (Holdings) Limited in Hong Kong.
Private equity-backed Ardonagh will operate Apex alongside PSC's Hong Kong unit, PSC HK Insurance Group, strengthening Ardonagh's footprint in the region and deepening its in-market expertise through Apex's quality local management team.
Founded in 1988, Apex is a provider of insurance broking and insurance agency services to SME businesses, predominantly across general liability, accident and health, and property damage lines of business.
Apex will continue to be led by its management team, including Allen Lee, Philip Mak Jimmy Poon and Andrew Mak.
The PSC HK portfolio, which also includes Charter Gilman Insurance Brokers, Charter-Union Insurance and Trans-Pacific Insurance Brokers, joined Ardonagh as part of the $2.3 billion take-private of Australia's PSC Insurance Group in October 2024.
Des O'Connor, Ardonagh’s chief commercial officer, said: "Ardonagh has a demonstrable track record of identifying strong management teams, and this strategic acquisition exemplifies our ethos of empowering independent businesses to grow".
"Combining Apex with PSC HK will bring deep local expertise to enhance our existing presence in Asia and drive continued value creation for clients and colleagues alike," he added.
Today's deal comes shortly after Ardonagh Group completed its previously announced $2.5 billion equity investment led by funds managed by Stone Point Capital, in a transaction that valued the UK broker consolidator at $14 billion.
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.
Its global expansion began in 2020 with the acquisition of Arachas, which has grown into one of the leading insurance intermediaries in Ireland, with over 700 employees at 16 offices located throughout the country.
With Ardonagh's backing, Arachas completed four deals in 2024, including the purchase of Waterford-based broker McDonald Dwyer Reddy & Byrne, Gerry O'Mahony Insurances in Limerick, Tom Fogarty Insurance Brokers in Tipperary Town and Gilmartin Insurances in Leitrim.
So far this year it has bought Mulryan O' Gorman Insurance Brokers in Galway, Insight Insurance Brokers in Cork and most recently, Craftinsure Ireland Limited - the country’s only pure Quote and Buy marine insurer.
