British insurance broker The Ardonagh Group has reached a deal to purchase Netherlands-based specialist commercial lines insurance broker Klap Verzekeringsmakelaar from Nedvest.

The deal will be executed by Ardonagh Europe, via its subsidiary Ardonagh Netherlands BidCo.

Financial details of the deal were not divulged.

Established in 1854, Klap provides small and midsize enterprises (SMEs) with employee benefits, insurance and pensions solutions.

The firm is said to have distributed more than €100m of gross written premiums (GWP) per year.

Ardonagh will use its available funds to finance the acquisition and retain Klap’s current management.

The deal is said to help Ardonagh Europe explore the potential in the Dutch insurance market that has a history of over 230 years.

Last year, Ardonagh Europe acquired Dutch family-owned insurance brokerage and consultancy firm Léons Group.

Ardonagh Europe CEO Conor Brennan said: “This is a hugely complementary acquisition, aligning neatly with our Group’s footprint both internationally and in the European market.

“Alongside the vast expertise of Léons, Klap further diversifies our portfolio and our customer base in The Netherlands, creating a strong platform to accelerate our growth ambitions in the region.”

Klap CEO Jorg Roodbeen said: “Today’s announcement marks the start of a new and exciting chapter for us all.

“In Ardonagh we have found a strategic partner supportive of our ambitions. Our clients and colleagues will benefit from this.”