The Ardonagh Group, the London-based independent insurance distribution platform, has agreed to acquire ASSEPRO, the largest independent commercial broker for small and medium-sized enterprises (SMEs) in Switzerland, with operations in Austria and Liechtenstein.
Ardonagh will fund the transaction with a combination of cash from existing resources and equity issued at an enterprise value for Ardonagh in excess of $10.5 billion. Financial details of the deal were not disclosed.
ASSEPRO’s 300 employees work across 24 locations to offer a diverse range of general insurance, accidental & health, and life and pensions products. It is the largest physician’s insurance broker in Austria.
Placing 1.2 billion Swiss francs ($1.3 billion) of premium annually, ASSEPRO has grown significantly in recent years through a combination of organic growth and targeted M&A. Since 2017, the company has successfully acquired and integrated over 20 businesses, supporting its expansion across Europe.
The acquisition of ASSEPRO further builds on Ardonagh’s growing presence in Europe, with operations in Ireland, Portugal, the Netherlands, Greece, Italy, Spain, France, and Cyprus, strengthening its position as an established leader in the global insurance broking market.
CEO Jon Samuel Plotke will continue to lead ASSEPRO and will be supported by his existing management team.
“ASSEPRO is an ambitious business with its sights firmly set on achieving high levels of growth while continuing to deliver an excellent service to clients,” commented Conor Brennan, executive chairman of Ardonagh’s International platform.
“ASSEPRO’s local knowledge and networks will be invaluable to our business as we continue to foster strategic partnerships that bolster our global presence,” Brennan added. “The combination of ASSEPRO’s proven track record of M&A excellence combined with Ardonagh’s vision and cutting-edge solutions will unlock many new opportunities to drive value for clients across Europe.”
“When choosing where to continue our growth journey it was crucial that we joined forces with a group that shares our values and ambitions,” according to ASSEPRO’s CEO Plotke.
“Ardonagh stood out as a business that is completely aligned with our culture and is renowned for its commitment to empowering partners,” he said.
“The addition of ASSEPRO cements our foothold in Europe, creating the foundation of a further platform in multiple regions key to our growth plans,” said David Ross, CEO of Ardonagh Group. “This deal marks a significant milestone in our value creation story, adding quality earnings to our portfolio and a committed leadership team who become significant shareholders in Ardonagh.”
Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally, comprising a collection of entrepreneurial and specialist brands with a network of more than 200 locations and a combined workforce of more than 10,000 people.
Source: Ardonagh Group
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