Ardonagh Europe, part of The Ardonagh Group, has further bolstered its presence in the Netherlands with the acquisition of Dutch broker Classicus.
Classicus was founded in 2004 and is headquartered in Amsterdam.
The firm provides a range of specialist high net worth products for classic and luxury cars, yachts, art collections, and other specialist high net worth products.
Classicus’ businesses also include wholesale broker, Classicus Europe and London-based Classicus Ltd, which comprises the firm’s non-EU wholesale business, its UK high net worth retail business and UK corporate clients business.
This acquisition follows Ardonagh’s recent announcement of its agreement to buy Klap Verzekeringsmakelaar, a Netherlands-based specialist commercial lines insurance broker, from Nedvest.
Ardonagh suggests that the expansion of its footprint in the Netherlands underpins its international growth strategy and strengthens its proposition in the European high net worth insurance market.
Conor Brennan, CEO of Ardonagh Europe, commented, “Classicus is a highly respected broker and already enjoys a firm relationship with Léons as a member of Brokerslink, the global brokerage company co-founded by Léons Group.
“The synergies between the two entities will make for a highly beneficial partnership, with Classicus continuing to tap into this rich pool of expertise and talent to grow their niche business across European geographies.”
Sunny Leons, CEO of the Léons Group, said, “With the acquisition of Classicus, Léons Group continues to position itself as a European growth platform, taking a significant first step towards establishing new geographies, as Classicus marches forward with a seamless fit to expand their service offering to European brokers.”
Bart-Jan Kastrop, the founder and Managing Director of Classicus, added, “We are very excited to begin a new chapter for Classicus as we develop our bespoke and niche concept across new territories and partners.
“We strongly believe that Léons, with the capital and resources of Ardonagh Europe behind them, is the right partner for our growth ambition.
“This new partnership will give us the independence to continue to reinvent our specialist line of business so that we can continue to provide our clients with the very best expertise and products available on the market.”
In related news, The Ardonagh Group reported a 30% increase in income to $1.5 billion in its full year results, representing five-fold growth in the five years since its formation.
