The Ardonagh Group announced it has agreed to acquire Klap Verzekeringsmakelaar, a specialist commercial lines insurance broker based in The Netherlands, from family office, Nedvest.
Financial details of the deal were not disclosed.
Under the leadership of Klap CEO Jorg Roodbeen and with support from Tim Kreté, partner at Nedvest, Klap has achieved high levels of growth in recent years, cementing its position as a key player in the Dutch insurance market, said Ardonagh in a statement.
Klap’s growth was achieved through a combination of its successful acquisition strategy and by maintaining operational excellence to ensure strong organic growth.
Founded in 1854 and based in Amsterdam, Klap advises SME companies on employee benefits, insurance, and pensions, distributing over €100 million of gross written premiums annually.
Klap will be acquired by Ardonagh Europe, through its subsidiary Ardonagh Netherlands BidCo B.V., funded from Ardonagh’s available funds. Klap’s management team will remain with the business.
Ardonagh Europe, led by CEO Conor Brennan, landed in the Dutch market in 2022, welcoming the Léons Group as part of its plan to penetrate new European markets. Léons’ Dutch roots and solid reputation in the market, lasting over 70 years, has enabled Ardonagh Europe to begin building a portfolio of brands with insurance broker companies that are leaders in their target markets.
With the addition of Klap, Ardonagh Europe will tap into more than 230 years of Dutch insurance excellence, as provided by two highly respected and long-standing franchises which have high quality portfolios of commercial lines business.
“This is a hugely complementary acquisition, aligning neatly with our group’s footprint both internationally and in the European market. Alongside the vast expertise of Léons, Klap further diversifies our portfolio and our customer base in The Netherlands, creating a strong platform to accelerate our growth ambitions in the region,” commented CEO Brennan.
“Today’s announcement marks the start of a new and exciting chapter for us all. In Ardonagh we have found a strategic partner supportive of our ambitions. Our clients and colleagues will benefit from this,” Klap’s CEO Roodbeen said.
“I am delighted that two insurance brokers with a long history have found each other with the support of a strong international shareholder. The combination of Klap and Léons results in a unique collaboration. In recent years, we have been on a great journey to place ourselves on the map as a leading adviser for SMEs,” Roodbeen added.
“We are confident that Ardonagh is the ideal partner to take Klap to even greater heights in their continued journey,” said Kreté, partner at Nedvest.
The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally, operating with a network of more than 150 locations and a combined workforce of more than 9,000 people. Ardonagh Europe is part of Ardonagh’s International platform. Ardonagh Europe’s business units include: Arachas, the Republic of Ireland’s largest commercial insurance broker; MDS Group, a Portugal-based specialized international insurance broker; Envest, an insurance investment and distribution business with a diverse portfolio of brands and Australian footprint; AccuRisk Solutions, a U.S.-based MGA focused on medical stop loss products; and HWF Partners, a specialist M&A insurance broker operating out of the UK and Germany.
Source: Ardonagh Group
Topics Mergers & Acquisitions Agencies
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