Ardonagh Group has acquired a majority stake in Risk Management Insurance Brokerage (RMIB), expanding its Hong Kong operations as the UK-based consolidator continues an aggressive acquisition strategy.
RMIB, a Hong Kong-based specialist insurance brokerage established in 1996, provides services across employee benefits, property and casualty, transport-related risks, and international programmes. Terms of the transaction were not disclosed.
The acquisition adds to Ardonagh's existing Hong Kong operations, which include PSC HK, Apex Insurance, Charter Gilman Insurance Brokers, Charter-Union Insurance, and Trans-Pacific Insurance Brokers.
Apex Insurance, which Ardonagh acquired in July 2025, operates with a workforce of over 50 professionals and a cohort of over 2,000 contracting producers, the company states. Apex is described as "one of the largest local insurance intermediaries in Hong Kong across all lines of insurance classes."
The PSC HK portfolio acquired in October 2024 operates via three divisions: Charter Gilman Insurance Brokers, Charter-Union Insurance and Trans-Pacific Insurance Brokers.
These joined Ardonagh as part of the AU$2.3 billion take-private of Australia's PSC Insurance Group, which employed 900 people and managed more than AU$2.59 billion in global gross written premium before the acquisition.
For the 2024 financial year, Ardonagh posted income of US$1.99 billion, up 24% from the prior year, the publication reports. Adjusted EBITDA rose by 31% to US$683 million.
Ardonagh completed 68 acquisitions during 2024 across a range of markets. More than 50% of the group's global property and casualty revenues are now derived from its growing platforms in Europe, APAC and Latin America, the publication adds.
In Australia, Ardonagh backed Envest to complete over 30 acquisitions, building gross written premium to more than AU$2.1 billion. Envest Group will also acquire a stake in Ando Insurance Group in New Zealand, subject to regulatory approvals,.
The RMIB deal follows a $2.5 billion equity investment led by Stone Point Capital in July 2025, which valued Ardonagh at $14 billion. The investment supports expansion in global property and casualty insurance markets through both organic initiatives and M&A.
RMIB directors Bie Tong and Danny Yao will remain with the business following the acquisition. The pair will work with Ardonagh on insurer partnerships and regional growth initiatives.
Des O'Connor (pictured above), chief commercial officer at Ardonagh, said demand continues for independent broking services in Asia. "RMIB represents the type of firm we value partnering with - trusted, technically capable, and highly respected within its market," O'Connor stated.
Bie Tong, founder and chief executive of RMIB, said joining Ardonagh "marks an exciting next chapter" and will allow the firm to enhance solutions provided to clients.
