The Ardonagh Group (Ardonagh) has reached an settlement to buy Swiss business insurance coverage dealer Assepro for an undisclosed sum.
Assepro is an impartial middleman targeted on small and medium-sized enterprises (SMEs) in Switzerland.
The corporate additionally has operations in Austria and Liechtenstein. It employs a crew of 300 folks, who work throughout 24 areas.
The corporate’s product portfolio contains an array of unintended and well being, common insurance coverage, and life and pension choices.
Assepro, which generates SFr1.2bn ($1.33bn) of premiums per yr, can also be a number one doctor’s insurance coverage middleman.
The insurance coverage dealer has expanded operations in recent times by way of each strategic mergers and acquisitions, and natural growth.
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Since 2017, it’s mentioned to have bought and built-in greater than 20 firms.
By this deal, Ardonagh goals to develop its presence in Europe, the place it already has operations in Cyprus, France, Greece, Eire, Italy, the Netherlands, Portugal and Spain.
Assepro CEO Jon Samuel Plotke will proceed in his present function with the backing of his present administration crew.
Ardonagh Group CEO David Ross 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.
“This deal marks a major milestone in our price creation story, including high quality earnings to our portfolio and a dedicated management crew who turn out to be important shareholders in Ardonagh.”
Plotke mentioned: “Ardonagh stood out as a enterprise that’s fully aligned with our tradition and is famend for its dedication to empowering companions.
“We’re excited to start our work collectively as we develop our native presence and develop additional afield whereas persevering with to ship excellence and worth for our purchasers.”
Final month, Ardonagh acquired high-net-worth dealer Stanhope Cooper and managing common agent Renovation Underwriting.