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Ardonagh operating earnings rise as group expands

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Ardonagh Group, which added Resilium to its businesses early this year, has reported a rise in revenues and operating earnings following acquisitions, internal growth and cost reductions.

The UK-based company completed £125 million ($231 million) in transactions in the third quarter, including the purchase of Usay Group by its UK advisory arm, Resilium’s purchase of Cornerstone, and the acquisition of the full shareholding of Price Forbes Chile.

Ardonagh also more recently completed its $US500 million ($686.8 million) acquisition of the BGC Partners insurance operations.

“Our focus this year on building out the specialty and international platforms has allowed us to harness global opportunities, backing ambitious specialist teams and businesses in high growth areas,” Group CEO David Ross said.

Ardonagh approaches year end as a “truly global force” with $US1.5 billion ($2.8 billion) income, placing $US13 billion ($24 billion) of premium across the group and within its networks, and continuing to invest in data and analytical capabilities to better serve clients, Mr Ross says.

Income, mainly from commissions and fees, increased 30.1% to £675.7 million ($1.2 billion) for the nine months ending September, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew 44.5% to £238.7 million ($441.2 million).

The loss for the period narrowed to £42.1 million ($77.8 million) compared to £133.2 million ($246.2 million a year earlier due to an improved operating result and a £41.5 million reduction in financing costs following a refinancing last year.