Ardonagh to buy BGCs insurance brokerage business for $500m BGC Partners Inc, a leading global brokerage and financial technology company, has entered into an agreement to sell its insurance brokerage business for $500 million to The Ardonagh Group Limited. The sale will include Ed Broking Group Limited and Besso Insurance Group Limited, which were recently grouped together under the brand of Corant Global. Corant Global has Bermuda operations. About 900 people work across each of the insurance brands being bought, and contributed approximately $191 million in revenue during the twelve-month period that ended on March 31, according to Jersey-registered Ardonagh. The businesses being bought will become part of the Ardonagh Specialty segment, which comprises Price Forbes, Bishopsgate and Compass London Markets. David Ross, chief executive officer of Ardonagh, said: Were delighted to welcome each of BGCs insurance brokerage businesses to our Ardonagh Specialty platform. This is a compelling shake-up of the global wholesale landscape, bringing two of the last remaining independent outfits of scale together to create the largest privately owned specialty broker in London, safeguarding choice for both clients and employees. A backdrop of unprecedented levels of consolidation has created a vacuum in the market, a space from which the BGC and Ardonagh businesses will emerge together as a pre-eminent force, restoring balance and cultivating a preferred destination for top-performing talent. Howard Lutnick, chairman and CEO of BGC, said: "The agreement to sell our insurance brokerage business for $500 million reflects the significant value we have created since entering this market in 2017.