The Ardonagh Group, the London-based impartial insurance coverage distribution platform, has agreed to accumulate ASSEPRO, the biggest impartial industrial dealer for small and medium-sized enterprises (SMEs) in Switzerland, with operations in Austria and Liechtenstein.
Ardonagh will fund the transaction with a mix of money from current sources and fairness issued at an enterprise worth for Ardonagh in extra of $10.5 billion. Monetary particulars of the deal weren’t disclosed.
ASSEPRO’s 300 staff work throughout 24 places to supply a various vary of basic insurance coverage, unintentional & well being, and life and pensions merchandise. It’s the largest doctor’s insurance coverage dealer in Austria.
Putting 1.2 billion Swiss francs ($1.3 billion) of premium yearly, ASSEPRO has grown considerably lately via a mix of natural progress and focused M&A. Since 2017, the corporate has efficiently acquired and built-in over 20 companies, supporting its enlargement throughout Europe.
The acquisition of ASSEPRO additional builds on Ardonagh’s rising presence in Europe, with operations in Eire, Portugal, the Netherlands, Greece, Italy, Spain, France, and Cyprus, strengthening its place as a longtime chief within the world insurance coverage broking market.
CEO Jon Samuel Plotke will proceed to guide ASSEPRO and will probably be supported by his current administration crew.
“ASSEPRO is an bold enterprise with its sights firmly set on reaching excessive ranges of progress whereas persevering with to ship a wonderful service to purchasers,” commented Conor Brennan, govt chairman of Ardonagh’s Worldwide platform.
“ASSEPRO’s native data and networks will probably be invaluable to our enterprise as we proceed to foster strategic partnerships that bolster our world presence,” Brennan added. “The mix of ASSEPRO’s confirmed monitor report of M&A excellence mixed with Ardonagh’s imaginative and prescient and cutting-edge options will unlock many new alternatives to drive worth for purchasers throughout Europe.”
“When selecting the place to proceed our progress journey it was essential that we joined forces with a gaggle that shares our values and ambitions,” in line with ASSEPRO’s CEO Plotke.
“Ardonagh stood out as a enterprise that’s fully aligned with our tradition and is famend for its dedication to empowering companions,” he mentioned.
“The addition of ASSEPRO cements our foothold in Europe, creating the inspiration of an additional platform in a number of areas key to our progress plans,” mentioned David Ross, CEO of Ardonagh Group. “This deal marks a big milestone in our worth creation story, including high quality earnings to our portfolio and a dedicated management crew who change into important shareholders in Ardonagh.”
Ardonagh Group is the UK’s largest impartial insurance coverage distribution platform and a prime 20 dealer globally, comprising a set of entrepreneurial and specialist manufacturers with a community of greater than 200 places and a mixed workforce of greater than 10,000 folks.
Supply: Ardonagh Group
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