The Ardonagh Group has agreed to acquire ASSEPRO, a large independent commercial broker for small and medium-sized enterprises (SMEs) based in Switzerland, with further operations in both Austria and Liechtenstein.
The company offers a wide range of general insurance, accidental & health, and life and pensions products, and is the largest physician’s insurance broker in Austria.
Placing CHF1.2 billion of premium annually, the business has also witnessed substantial growth in recent years through a combination of organic growth and targeted M&A.
The acquisition will play a key role in further driving Ardonagh’s growing presence across Europe. The company already has operations in Ireland, Portugal, the Netherlands, Greece, Italy, Spain, France, and Cyprus.
If you recall, in August, Ardonagh Group completed its acquisition of Amsterdam-headquartered broker, Classicus, which also drove further European growth for the firm.
Moreover, 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.
In addition, it has also been confirmed, that 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.”
Adding: “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.”
