The Ardonagh Group has promoted Gordon Newman to lead its wholesale broking unit as Michael Donegan has stepped down as Price Forbes CEO to take on a group strategic role.

Currently executive chairman of Bishopsgate, Newman will take on the position of wholesale segment leader, heading up an international insurance and reinsurance broking business that contributes a third of the group’s gross written premium and comprises Price Forbes and Bishopsgate.

Prior to joining Bishopsgate earlier this year, Gordon was CEO of Cooper Gay's London operation, CGNMB since November 2013. This followed Cooper Gay’s (now Ed) acquisition of Lloyd’s (re)insurance broker Newman Martin Buchan - the intermediary that Newman co-founded and led.

Concurrently, Ardonagh also announced that Donegan has relinquished his role as CEO of Price Forbes and has been appointed as strategic adviser for the group.

Donegan, who has been CEO of Price Forbes since 2004, has been succeeded by current chairman of non-marine James Masterton with immediate effect.

Donegan has had a London market career stretching back almost four decades. He oversaw the sale of a majority stake in the then-staff-owned business to financial buyer HPS in late 2015 in deal valuing the company at more than £100mn ($129mn), with a subsequent reorganisation bringing the business into a broader grouping under the Ardonagh umbrella.

Under new structure, Neil Pearce will continue as managing director of Bishopsgate, with both Masterson and Pearce reporting to Newman.

Commenting on the appointment of Newman, Ardonagh CEO David Ross said: “Gordon is a man of exceptional pedigree and his leadership of wholesale within The Ardonagh Group will be an invaluable contribution to our strategic ambition.”

Ross also paid tribute to Donegan: "Mike has established Price Forbes as one of the most highly regarded independent brokers in the sector. In leading the company to global broker status, he has been instrumental in growing turnover threefold over the course of the past decade."

"As strategic adviser to The Ardonagh Group, he will continue to share with the group his unparalleled expertise whilst transitioning the running of the day-to-day operations to the next generation of leadership."