UK’s Ardonagh to Acquire Greek Reinsurance Broker SRS Group

The Ardonagh Group announced its expansion into Greece following its agreement to acquire a majority shareholding in SRS Group of Companies (SRS).

Founded in 2019 and based in Athens, SRS’ businesses include a leading independent wholesale reinsurance broker and an MGA platform.

Financial details of the deal were not disclosed.

Operating across Greece, Israel, Cyprus, and the Balkans, SRS provides a B2B offering, placing complex risks in the Greek and international markets. SRS has experienced sustained growth and achieved approximately €11.6 million in turnover in 2022.

The acquisition provides a unique opportunity to partner with a fast-growing reinsurance business serving the southern Mediterranean region, strengthening Ardonagh’s presence in the region.

Founder and CEO of SRS, Konstantine Antonopoulos, remains at the helm and maintains a significant stake in SRS Group as part of the transaction.

SRS Group will be acquired by Ardonagh Europe, led by CEO Conor Brennan, as part of its strategy to penetrate new European markets.

This acquisition follows Ardonagh’s recent announcement of its acquisition of two brokers based in the Netherlands, Klap Verzekeringsmakelaar (which is subject to regulatory approval) and Classicus.

“SRS perfectly encapsulates what we strive for all of Ardonagh’s brands to be: a business firmly embedded in the communities it serves,” commented Brennan.

“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,” he added.

“SRS and Ardonagh are a good example of how regional can meet international. With Ardonagh’s international reinsurance capabilities and the technically oriented SRS underwriting team located regionally, the group will be able to make and create a more unique product offering,” Brennan said.

“Ardonagh stood out as a partner who shares our independent and entrepreneurial business values,” said Antonopoulos. “We are thrilled to join forces with a global platform with the scale and dynamic culture to support our upward trajectory. We look forward to leveraging global reinsurance relationships, placement capability and the experience the Ardonagh International platform offers, to enhance our commitment to our clients.”

London-headquartered Ardonagh is a leading independent global broking group, with €10 billion of gross written premium and €1.7 billion in turnover in 2022. Ardonagh’s portfolio of global businesses provides a broad range of product and risk solutions to clients around the world. The group operates a network of more 200 locations and a combined workforce of 10,000 people.

Ardonagh Europe is part of the Ardonagh’s International platform which includes Arachas, the Republic of Ireland’s largest commercial insurance broker; MDS Group, a specialized international insurance broker, headquartered in Portugal and operating across Latin America and Africa; and Envest, a leading Australia insurance broking, MGA and network business.

Source: Ardonagh

Topics Mergers & Acquisitions Agencies Reinsurance