UK insurance distribution platform The Ardonagh Group has completed the acquisition of Dutch high-net-worth broker Classicus for an undisclosed sum.
The parties signed an acquisition agreement in April 2023.
The takeover is part of Ardonagh’s strategy to bolster its specialist expertise and platform and expand its footprint in the Netherlands and Europe.
Classicus focuses on delivering coverage for various high-net-worth products for yachts, classic and luxury cars and art collections, among others.
The company will now operate within Ardonagh Europe, which is part of the global platform of Ardonagh.
Ardonagh noted that Classicus would complement its business in the Netherlands, ultra-high-net-worth Dutch broker Léons.
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Classicus founder and managing director Bart-Jan Kastrop said: “We remain committed to our existing customers as we enhance our business proposition and are excited to join forces with Léons and the wider Ardonagh Group as we develop our bespoke and niche concept across new territories and partners.”
Ardonagh recently completed the acquisition of another Dutch specialist commercial and personal lines broker, Klap Verzekeringsmakelaar.
Both these acquisitions are part of Ardonagh’s plan to establish a broad portfolio of businesses that deliver an array of complementary solutions to its clients in the Netherlands.
Ardonagh Europe CEO Conor Brennan said: “Classicus is a real specialist and leader in the high-net-worth insurance market with a wealth of experience within the team.
“The synergies between our Dutch entities will trigger a dynamic force, trading from high-net-worth to corporate and SME, as we continue to build our local powerhouse with the best talent and services available.”