British insurance broker The Ardonagh Group has reached a deal to purchase a majority shareholding in SRS Group of Companies for an undisclosed sum.

Established in 2019 in Athens, Greece, SRS operates as an independent wholesale reinsurance broker and a managing general agent (MGA) platform.

The firm has business across Greece, Israel, Cyprus and the Balkans.

It offers business-to-business (B2B) solutions for placing complex risks in Greece and beyond, with around €11.6m in turnover last year.

To be carried out by Ardonagh Europe, the latest deal will bolster the company’s presence in Europe.

Upon completion of the deal, SRS founder and CEO Konstantine Antonopoulos will continue to lead the company and maintain an important stake in SRS Group.

The deal comes after Ardonagh announced its plan to acquire two Netherlands-based brokers, Klap Verzekeringsmakelaar and Classicus.

Both deals are a part of Ardonagh’s global growth strategy, which will widen the company’s proposition in Europe’s insurance industry.

Ardonagh Europe CEO Conor 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 on board, we will continue to land in new territories to enhance our rapidly growing European business.”