Insurance brokerage group Ardonagh has acquired a majority stake in Greek-based SRS Group, continuing its expansion into Europe.
The Athens-based company, which was founded in 2019 and operates across Greece, Israel, Cyprus and the Balkans, provides a business-to-business offering that includes an independent wholesale reinsurance broker and a managing general agent platform. In 2022, SRS generated €11.6 million in turnover in 2022.
SRS founder and chief executive Konstantine Antonopoulos will stay in his position, retaining a significant stake in SRS Group.
Ardonagh’s European arm is led by Dubliner Conor Brennan, who is also chief executive of the group’s Irish business, Arachas. The deal follows on from Ardonagh entering the Dutch market last year through the purchase of Léons Group for a figure believed to be about €50 million, and a second deal in April for Netherlands-based commercial insurance intermediary Klap Verzekeringsmakelaar for an estimated figure of more than €100 million.
“SRS perfectly encapsulates what we strive for all of Ardonagh’s brands to be: a business firmly embedded in the communities it serves,” Mr Brennan said. “We will look to enhance SRS’s 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.”