The Ardonagh Group has acquired a majority stake in Apex Insurance (Holdings), enhancing its Hong Kong insurance market presence.
Financial specifics of the transaction remain undisclosed.
Apex will operate in conjunction with PSC HK Insurance Group, Ardonagh’s existing entity in the region that came into its fold through its acquisition of PSC Insurance Group in October 2024.
PSC HK Insurance Group also includes Charter Gilman Insurance Brokers, Charter-Union Insurance, and Trans-Pacific Insurance Brokers.
Set up in 1988, Apex offers insurance broking and agency services to SMEs, focusing on general liability, accident & health, and property damage sectors.
The management team at Apex, including Allen Lee, Philip Mak, Jimmy Poon, and Andrew Mak, will retain leadership of the business.
Ardonagh chief commercial officer Des O’Connor 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.”
Apex managing director Philip Mak stated: “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.”
Recently, The Ardonagh Group completed a $2.5bn equity investment round led by Stone Point Capital-managed funds.
The investment, valuing the group at $14bn, included participation from co-investors associated with Stone Point, along with Madison Dearborn Partners and HPS Investment Partners.
“Ardonagh buys majority stake in Hong Kong’s Apex Insurance ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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