Independent insurance broking business The Ardonagh Group is looking to raise as much as $5bn from private credit firms in what would be the largest ever direct lending deal, according to a report by Bloomberg.
The report cites people with knowledge of the matter as confirming that the firm, which is no stranger to the private debt markets, having raised what was then then biggest ever loan from private credit firms back in 2020, wants the financing to help refinance debt, re-organise its balance sheet and fund fresh acquisitions.
Ardonagh, which counts private equity firms HPS Investment Partners and Madison Dearborn Partners as significant shareholders, has also held talks with banks over potential financing options, according to Bloomberg’s sources.
Conversations with lenders are reportedly ongoing but there is no guarantee an agreement will be reached.
