The Ardonagh Group has announced that it has agreed to acquire Klap Verzekeringsmakelaar, a specialist commercial line insurance broker based in the Netherlands, from its family office, Nedvest.
Financial details of the deal have not been disclosed.
Under the leadership of Klap CEO Jorg Roodbeen and the support of Tim Kreté, partner at Nedvest, Klap has achieved high levels of growth in recent years, cementing its position as a major player in the Dutch insurance market, Ardonagh said in a statement.
Klap’s growth has been achieved through a combination of a successful acquisition strategy and maintaining operational excellence to ensure strong organic growth.
Founded in 1854 and headquartered in Amsterdam, Klap advises small and medium businesses on employee benefits, insurance and pensions, distributing more than €100 million in gross written premiums annually.
Ardonagh Europe will acquire Klap, through its Ardonagh Netherlands subsidiary BidCo BV, with financing from Ardonagh’s available funds. A dog management team will remain with the company.
Ardonagh Europe, led by CEO Conor Brennan, will reach the Dutch market in 2022, welcoming the Léons Group as part of its plan to penetrate new European markets. Léons’ Dutch roots and strong reputation in the market, which has endured for more than 70 years, has enabled Ardonagh Europe to begin building a portfolio of brands with leading insurance brokerages in its target markets.
With the addition of Klap, Ardonagh Europe will benefit from over 230 years of Dutch insurance excellence, as set forth by two highly regarded, long-standing franchises who own high-quality portfolios of commercial lines.
“This is a highly complementary acquisition, neatly aligned with our group’s footprint both internationally and in the European market. Combined with Léons’ extensive experience, Klap is diversifying our portfolio and customer base in the Netherlands, creating a strong platform to accelerate our growth ambitions in the region,” commented the president. Brennan Executive.
“Today’s announcement marks the beginning of an exciting new chapter for all of us. In Arduna, we have found a strategic partner who is supportive of our ambitions. Our customers and colleagues will benefit from this,” said Rodbin, CEO of Klap.
“I am delighted that two insurance brokers with a long history have found each other with the support of a strong international shareholder. The combination of Klap and Léons results in a unique collaboration. In recent years, we have been on a great journey to put ourselves on the map as a leading advisor to small and medium-sized businesses,” added Rodbin.
“We are confident that Ardonagh is the ideal partner to take Klap to greater heights in their ongoing journey,” said Kreté, partner at Nedvest.
The Ardonagh Group is the UK’s largest independent insurance distribution platform and top 20 global broker, operating with a network of over 150 locations and a combined workforce of over 9,000 people. Ardonagh Europe is part of the Ardonagh international platform. Ardonagh Europe’s business units include: Arachas, the largest commercial insurance broker in the Republic of Ireland; MDS Group, a specialized international insurance broker based in Portugal; Envest, an insurance investment and distribution company with a diverse portfolio of Australian brands and footprint; AccuRisk Solutions, a US-based MGA focused on medical stop-loss products; and HWF Partners, a specialist M&A insurance broker operating in the UK and Germany.
Source: Ardonagh Group
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