The Ardonagh Group, one of the largest independent insurance brokers in the UK, has announced its entry into the Greek market with the majority acquisition of SRS Group of Companies, based in Athens.
SRS Group, founded in 2019, operates as a prominent independent wholesale reinsurance broker and a managing general agent (MGA) platform. With operations spanning Greece, Israel, Cyprus, and the Balkans, SRS specialises in offering business-to-business solutions for placing complex risks in both domestic and international markets.
The company has shown impressive growth, achieving approximately €11.6 million in turnover in 2022.
The acquisition of SRS Group presents a unique opportunity for Ardonagh to partner with a fast-growing reinsurance business serving the southern Mediterranean region. It aims to leverage SRS’s established presence in the market to strengthen its own foothold in the region.
Konstantine Antonopoulos, the Founder and CEO of SRS, will continue to lead the company and maintain a significant stake in SRS Group as part of the transaction.
Ardonagh Europe, led by CEO Conor Brennan, will oversee the acquisition, aligning with the group’s ambitious plans to penetrate new European markets.
Headquartered in London, Ardonagh Group boasts a portfolio of global businesses, providing a diverse range of product and risk solutions to clients worldwide.
With €10 billion of gross written premium and €1.7 billion in turnover in 2022, the group’s acquisition of SRS Group follows its recent expansion into the Dutch market through the purchase of brokers Klap Verzekeringsmakelaar and Classicus.
Commenting on the acquisition, Conor Brennan highlighted the compatibility between SRS Group and Ardonagh’s vision, emphasising the value of SRS’s local expertise and community focus.
Brennan expressed a commitment to investing in resources and leveraging Ardonagh’s capabilities to enhance SRS’s growth trajectory, enabling collaboration between SRS and Ardonagh’s global network to deliver innovative reinsurance solutions.
Antonopoulos expressed enthusiasm about the partnership with Ardonagh, emphasising the alignment of their independent and entrepreneurial values.
“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,” Antonopoulos added.
