The Ardonagh Group has acquired a controlling interest in Apex Insurance (Holdings) Limited, a move that enhances the UK-based firm’s position in the Asian insurance market.
Apex will be brought under Ardonagh’s regional umbrella alongside PSC HK Insurance Group, reinforcing the group’s presence in Hong Kong.
Apex, a long-standing insurance intermediary operating since 1988, focuses on general liability, accident and health, and property damage products for SMEs.
Its leadership team – Allen Lee, Philip Mak, Jimmy Poon, and Andrew Mak – will continue to manage the business post-transaction.
The integration comes as part of Ardonagh’s broader regional strategy following its AU$2.3 billion acquisition of PSC Insurance Group in late 2024.
PSC HK, which comprises Charter Gilman Insurance Brokers, Charter-Union Insurance, and Trans-Pacific Insurance Brokers, became part of the group through that deal.
According to Apex’s managing director Philip Mak, the business will remain locally led while leveraging Ardonagh’s broader infrastructure.
“In almost four decades, Apex has continued to evolve and build its strong reputation in the Hong Kong insurance market. Now with the backing of Ardonagh and our new colleagues at PSC HK, we embark on the next phase of our growth journey. I look forward to working with Hei and the team and contributing to Ardonagh’s strategic vision in Asia,” he said.
Hei Wong, managing director of PSC HK Insurance Group, said Apex’s integration supports the group’s regional objectives.
“We have admired the Apex team for many years and are delighted to welcome them to both PSC Hong Kong and the wider Ardonagh Group. The team’s knowledge and capabilities will be invaluable to us as a combined business, and with the support of Ardonagh’s global capabilities, we are uniquely placed to capture the opportunities in the Hong Kong and the wider Asia region,” he said.
This transaction follows a US$2.5 billion equity injection into Ardonagh, led by Stone Point Capital.
The investment values Ardonagh at US$14 billion and introduces Stone Point as a key investor, alongside existing stakeholders Madison Dearborn Partners, HPS Investment Partners, and an Abu Dhabi Investment Authority entity.
Proceeds from the fundraising are earmarked for global expansion across property and casualty markets, with capital allocated toward mergers and acquisitions as well as internal development initiatives.
Technology and analytics capabilities, including the Ardonagh Intelligence unit, are a central focus of the investment plan.
For the 2024 financial year, Ardonagh posted income of US$1.99 billion, up 24% from the prior year.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 31% to US$683 million.
Including all deals closed or announced by March 2025, the group reported pro forma revenue of US$2.5 billion and EBITDA of US$941 million.
