Ardonagh builds footprint in Asia with stake in HK-based Apex

By Ryan Hewlett

July 3 - (The Insurer) – 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 A$2.3 billion ($2.7 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,” said O’Connor.

It 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.