Ardonagh to grow European presence with addition of ASSEPRO
The Ardonagh Group (“Ardonagh”) has agreed to acquire ASSEPRO, the largest independent commercial broker for small and medium-sized enterprises (SMEs) in Switzerland, with further operations in Austria and Liechtenstein.
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 CHF1.2 billion of premium annually, the business has grown significantly in recent years through a combination of organic growth and targeted M&A. Since 2017, ASSEPRO 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.
Executive Chairman of Ardonagh’s International platform Conor Brennan said: “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. ASSEPRO’s local knowledge and networks will be invaluable to our business as we continue to foster strategic partnerships that bolster our global presence.”
“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.”
Jon Samuel Plotke commented: “When choosing where to continue our growth journey it was crucial that we joined forces with a group that shares our values and ambitions.
“Ardonagh stood out as a business that is completely aligned with our culture and is renowned for its commitment to empowering partners.”
“We are excited to begin our work together as we grow our local presence and expand further afield, while continuing to deliver excellence and value for our clients.”
CEO of Ardonagh Group, David Ross added: “The addition of ASSEPRO cements our foothold in Europe, creating the foundation of a further platform in multiple regions key to our growth plans. 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. We are delighted to be a chosen home for this sophisticated and reputable company and we extend a warm welcome to our new colleagues.”
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.
THE ARDONAGH GROUP
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are a collection of best-in-class entrepreneurial and specialist brands with a network of more than 200 locations and a combined workforce of more than 10,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.
Switzerland’s leading insurance broker in the small and medium-sized enterprise (SME) market, ASSEPRO offers comprehensive services in the areas of insurance, risk, pensions and legal advice. Our in-depth expertise is trusted by more than 8,000 businesses. We determine our future and set new standards in customer service through continuous development and above-average growth. Moreover, we create vital added value and remain agile by developing innovative digital solutions. With 20-plus branches throughout Switzerland, Liechtenstein, and Austria, we are close to our customers, wherever they need us. Our local focus and the relationships we forge with our customers create a sense of connectedness that forms the basis for trust. We know our customers’ environment and the challenges they face. Using our know-how, we develop insurance solutions tailored to their requirements. With many years of experience and in-depth, sector-specific expert knowledge, our 300 or so employees and specialist teams sustainably secure the entrepreneurial future of our business clients.
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