The Ardonagh Group (Ardonagh) has reached an agreement to purchase Swiss commercial insurance broker Assepro for an undisclosed sum.
Assepro is an independent intermediary focused on small and medium-sized enterprises (SMEs) in Switzerland.
The company also has operations in Austria and Liechtenstein. It employs a team of 300 people, who work across 24 locations.
The company’s product portfolio includes an array of accidental and health, general insurance, and life and pension offerings.
Assepro, which generates SFr1.2bn ($1.33bn) of premiums per year, is also a leading physician’s insurance intermediary.
The insurance broker has expanded operations in recent years through both strategic mergers and acquisitions, and organic expansion.
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Since 2017, it is said to have purchased and integrated more than 20 companies.
Through this deal, Ardonagh aims to expand its presence in Europe, where it already has operations in Cyprus, France, Greece, Ireland, Italy, the Netherlands, Portugal and Spain.
Assepro CEO Jon Samuel Plotke will continue in his current role with the backing of his current management team.
Ardonagh Group CEO David Ross said: “The addition of Assepro cements our foothold in Europe, creating the foundation of a further platform in multiple regions key to our growth plans.
“This deal marks a significant milestone in our value creation story, adding quality earnings to our portfolio and a committed leadership team who become significant shareholders in Ardonagh.”
Plotke said: “Ardonagh stood out as a business that is completely aligned with our culture and is renowned for its commitment to empowering partners.
“We are excited to begin our work together as we grow our local presence and expand further afield while continuing to deliver excellence and value for our clients.”
Last month, Ardonagh acquired high-net-worth broker Stanhope Cooper and managing general agent Renovation Underwriting.