Ardonagh expands European portfolio with key player in Dutch market
The Ardonagh Group has expanded its European portfolio with the acquisition of a specialist commercial lines broker focussed on the SME insurance market. The firm is said to have distributed more than €100m of gross written premiums (GWP) per year.
Ardonagh has completed the acquisition of Amsterdam, The Netherlands-based Klap Verzekeringsmakelaar. Founded in 1854, Klap advises SME companies on employee benefits, insurance, and pensions.
Ardonagh claims the business, which will continue to be led by Klap’s current CEO Jorg Roodbeen, is a key player in the Dutch insurance market, and has achieved high levels of growth in recent years.
The transaction marks an exit for Nedvest, the family office, which backed Klaps’ growth by supporting overall development of the business, including its acquisition strategy.
Klap is acquired by Ardonagh Europe, through its subsidiary Ardonagh Netherlands BidCo BV, (Ardonagh Netherlands), funded by existing capital.
Ardonagh Europe, led by CEO Conor Brennan, landed in the Dutch market in 2022, with the Léons Group as part of its plan to expand into new European markets.
Brennan said: “Klap is a real specialist and leader in the SME insurance market with a wealth of experience within the team. We are excited to support Klap as they stand alongside our other highly respected and long-standing franchise Léons to extend their insurance excellence even more widely to the European market.”
Roodbeen added: “We are extremely grateful for the support of Nedvest over the years and are thrilled to be joining Ardonagh Europe, where we will work alongside a host of leading industry brands. I look forward to leveraging the unique collaboration of Klap and Léons as we pursue new and exciting business opportunities.”
Tim Kreté, partner at Nedvest said “We wish the management at Klap the very best for the future. Under this team the business has grown and strengthened its formidable position as the Netherlands’ leader in SME insurance. It has been a pleasure to have worked with them and we look forward to seeing the business develop further in the future.”
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