Ardonagh To Buy BGC Insurance Biz For $500M

Law360, London (May 26, 2021, 3:34 PM BST) -- British insurance giant Ardonagh Group Ltd. said on Wednesday it has reached a deal to buy the insurance arm of U.S. brokerage firm BGC Partners for $500 million in cash.

Ardonagh, which owns Lloyd's of London broker Price Forbes, said it will acquire the insurance operations of BGC, a financial technology and brokerage outfit based in New York, and will house the new units in its specialty insurance business.

Ardonagh said it intends to fund the acquisition via a combination of equity and debt.

"This is a compelling shakeup of the global wholesale landscape, bringing two of the last remaining independent...

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