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Peer Fund / Dealmaker·Insurance Brokerage

James Carey

Co-CEO at Stone Point Capital

Greenwich, Connecticut

JC
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Why they matter

Co-CEO steering Stone Point's insurance-distribution dealflow — including the $15.5B Truist Insurance and $2.5B Ardonagh deals — makes him a first call for any brokerage or MGA platform sale.

Background

James "Jim" Carey is Co-Chief Executive Officer of Stone Point Capital, the Greenwich, CT-based private equity firm dedicated exclusively to financial services, where he has worked since 1997 and sits on the Investment Committees of the Stone Point/Trident Funds. Before Stone Point he practiced law at Kelley Drye & Warren and worked at Merrill Lynch; he holds a B.S. and J.D. from Boston College and an MBA from Duke's Fuqua School of Business. Over nearly three decades he has been one of the firm's most active insurance dealmakers, sitting on the boards of portfolio companies including Alliant Insurance Services, Enstar Group, and Kroll.

Notable deals

  • 2024
    Co-led Stone Point and CD&R's $15.5B acquisition of Truist Insurance Holdings from Truist Financial Corporation
  • 2025
    Led Stone Point's $2.5B equity investment in Ardonagh Group, valuing the UK insurance broker at $14B
  • 2019
    Negotiated Stone Point's increased investment in Alliant Insurance Services alongside new strategic partner PSP Investments, preserving management/producer majority ownership

Call-prep brief

Background

  • Co-CEO of Stone Point Capital, the Greenwich, CT financial-services-focused PE firm; with the firm since 1997, elevated to Co-CEO alongside Chuck Davis.
  • J.D./B.S. from Boston College, MBA from Duke Fuqua; started career at Merrill Lynch and law firm Kelley Drye & Warren.
  • Sits on Investment Committees of the Stone Point/Trident Funds and on the boards of Alliant Insurance Services, Enstar Group, and Kroll, among other portfolio companies.

Current Focus

  • Insurance distribution and underwriting platforms — Stone Point's core sector under Carey's remit.
  • Closed the $2.5B Ardonagh equity investment (2025) and co-led the $15.5B take-private of Truist Insurance Holdings (2024), two of the largest insurance-distribution transactions of the past two years.

What He Cares About

  • Founder and management continuity/equity rollover in broker and MGA deals — visible in Alliant's PSP partnership structure, which preserved majority management ownership.
  • Scaled, multi-line insurance platforms with recurring, fee-like economics.

Recent Moves

  • Ardonagh investment completed June 2025 alongside Madison Dearborn, HPS, and ADIA.
  • Truist Insurance Holdings acquisition closed May 2024 with 1,500+ employee co-investors.

Sensitivities

  • Heavy existing portfolio overlap (Alliant, TIH, Ardonagh) — a new brokerage/MGA target may compete with an existing Stone Point holding.
  • Board seats across multiple insurance platforms could raise conflict questions on adjacent deals.

Questions to Ask

  1. How does Stone Point sequence new brokerage/MGA investments against existing platforms like Alliant and TIH to avoid channel conflict?
  2. What underwriting or distribution sub-sectors is he prioritizing next, post-Ardonagh?
  3. What equity-rollover structure does he typically require from founders to keep them engaged post-close?

Outreach draft

Subject
Quick intro: insurance distribution platform opportunity
Hi Jim, I lead deal sourcing at [Firm], and we're evaluating a platform in the insurance distribution/MGA space that sits squarely in Stone Point's wheelhouse given your work on Alliant and the Ardonagh investment. We're early in structuring a growth investment and would value your perspective on distribution economics and founder-alignment structures that have worked well in your portfolio. Would you have 15 minutes in the next couple of weeks for a call? Happy to work around your schedule. Best, [Your Name]

Linked companies

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