Ardonagh acquires reinsurance broker to supercharge European expansion

UK insurance intermediary  Ardonagh Group is strengthening its European presence through the acquisition of a reinsurance broker equipped with a managing general agent (MGA) platform. The strategic move underscores the group’s ambitious drive to penetrate untapped European markets.

The Ardonagh Group has expanded into Greece following its agreement to acquire a majority shareholding in SRS Group of Companies (SRS). SRS Group will be acquired by Ardonagh Europe, led by CEO Conor Brennan.

Operating across Greece, Israel, Cyprus, and the Balkans, SRS provides a B2B offering placing complex risks in the Greek and international markets. The business generated approximately €11.6 million in turnover in 2022.

SRS was founded in 2019 and is based in Athens. Its businesses include a leading independent wholesale reinsurance broker and an MGA platform. SRS founder and CEO Konstantine Antonopoulos will remain at the helm and maintain a significant stake in SRS Group as part of the transaction.

Ardonagh said the acquisition provides a unique opportunity to partner with a fast-growing reinsurance business serving the southern Mediterranean region, as part of its ambitious plan to penetrate new European markets.

The move follows Ardonagh’s recent acquisition of two brokers based in the Netherlands, Klap Verzekeringsmakelaar and Classicus, in line with its international growth strategy and strengthening its proposition in the European insurance market.

Brennan said: “SRS perfectly encapsulates what we strive for all of Ardonagh’s brands to be: a business firmly embedded in the communities it serves. We will look to enhance SRS’ strong growth by investing resources and proven group capabilities, so that Konstantine and his team, can collaborate with their new Ardonagh colleagues across the world, bringing additional reinsurance solutions to their clients now and in the future.

“With Konstantine and his highly skilled management team onboard, we will continue to land in new territories to enhance our rapidly growing European business. SRS and Ardonagh are a good example of how regional can meet international.

“With Ardonagh’s international reinsurance capabilities and the technically oriented SRS underwriting team located regionally, the Group will be able to make and create a more unique product offering. We are proud to partner with this great business and we are looking forward to embarking on the very exciting journey that lies ahead for us both.”

Antonopoulos said: “Ardonagh stood out as a partner who shares our independent and entrepreneurial business values. We are thrilled to join forces with a global platform with the scale and dynamic culture to support our upward trajectory. We look forward to leveraging global reinsurance relationships, placement capability and the experience the Ardonagh International platform offers, to enhance our commitment to our clients.”

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