The Ardonagh Group (“Ardonagh”, “The Group”) has announced on 11th April 2023, that it has agreed to acquire* Klap Verzekeringsmakelaar (“Klap”), a specialist commercial lines insurance broker based in The Netherlands, from family office, Nedvest (“Nedvest”).
Under the leadership of Jorg Roodbeen, Klap CEO, and with support from Tim Kreté, partner at Nedvest, Klap has achieved high levels of growth in recent years, cementing its position as a key player in the Dutch insurance market. Klap’s growth was achieved through a combination of its successful acquisition strategy and by maintaining operational excellence to ensure strong organic growth.
Founded in 1854 and based in Amsterdam, Klap advises SME companies on employee benefits, insurance, and pensions, distributing over €100m of GWP annually.
Klap will be acquired by Ardonagh Europe, through its subsidiary Ardonagh Netherlands BidCo B.V., (“Ardonagh Netherlands”), funded from Ardonagh’s available funds. Klap’s management team will remain with the business and is committed to the next phase of growth.
Ardonagh Europe, led by CEO, Conor Brennan, landed in the Dutch market in 2022, welcoming the Léons Group as part of its ambitious plan to penetrate new European markets. Léons’ Dutch roots and solid reputation in the market, lasting over 70 years, has enabled Ardonagh Europe to begin building a portfolio of brands with insurance broker companies that are leaders in their target markets.
With the addition of Klap, Ardonagh Europe will tap into more than 230 years of Dutch insurance excellence, as provided by two highly respected and long-standing franchises which have high quality portfolios of commercial lines business.
Commenting on the announcement, 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.
“Jorg leads a highly experienced management team with deep expertise in the market. We look forward to rallying the scale and experience of the wider Ardonagh Group behind them as they continue their growth journey.”
“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.
I am delighted that two insurance brokers with a long history have found each other with the support of a strong international shareholder. The combination of Klap and Léons results in a unique collaboration. In recent years, we have been on a great journey to place ourselves on the map as a leading adviser for SMEs.
I look forward to joining forces with the team at Ardonagh Europe, to execute our shared plan of growth through professionalism, high-quality service, and innovation. We will continue to leverage our experience and connections as we embark on this exciting new journey together.”
Tim Kreté commented:
“I am proud of what we have achieved together with Klap and Jorg during our partnership, and I want to thank the entire team for their dedication.
I believe that we have been able to provide an important piece of the puzzle. We are confident that Ardonagh is the ideal partner to take Klap to even greater heights in their continued journey.
The acquisition of Klap by Ardonagh is a testament to Nedvest’s commitment to nurturing businesses and driving growth in their respective industries.”
*Subject to regulatory approval
Source: The Ardonagh Group
THE ARDONAGH GROUP
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are collection of best-in-class entrepreneurial and specialist brands with a network of more than 150 locations and a combined workforce of more than 9,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.
Ardonagh Europe is part of Ardonagh’s International platform which is a platform for growth in the region and rest of the world. It includes Arachas, the Republic of Ireland’s largest commercial insurance broker delivering exclusive insurance solutions through a multi-channel distribution strategy, MDS Group, a specialised international insurance broker, headquartered in Portugal, Envest, an insurance investment and distribution business with a diverse portfolio of brands and Australian footprint, AccuRisk Solutions, a US-based MGA focused on medical stop loss products, and HWF Partners, a fast-growing specialist M&A insurance broker operating out of the UK and Germany.