The Ardonagh Group has completed its deal for Netherlands-based specialist commercial lines insurance broker Klap Verzekeringsmakelaar.

Founded in 1854 and headquartered in Amsterdam, Klap advises SMEs on employee benefits, insurance, and pensions. This leads to over €100m ($106.8m) distributed annually.

Klap will continue to be led by its current CEO, Jorg Roodbeen, and has achieved high levels of growth in recent years.

However, the transaction marks an exit for Nedvest, the family office, which has previously backed Klap’s growth by supporting and backing overall development of the business, including its acquisition strategy.

Ardonagh Europe, led by CEO Conor Brennan, arrived in the Dutch market in 2022, welcoming the Léons Group as part of its plan to expand into new European markets.

Brennan commented: “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.”

The Ardonagh Group deal for Klap was announced earlier this year, shortly after Ardonagh announced its purchase of Leons.