The Ardonagh Group (Ardonagh) has entered the Greek market by acquiring a majority shareholding in SRS Group of Companies (SRS).
Founded in 2019, SRS is based in Athens, Greece, with businesses including an independent wholesale reinsurance broker and an MGA platform. It provides a B2B offering placing risks in the Greek and international markets. In 2022, it experienced sustained growth and achieved approximately €11.6 million in turnover.
Konstantine Antonopoulos, founder and CEO of SRS, will maintain a significant stake in SRS as part of the transaction.
“Ardonagh stood out as a partner who shares our independent and entrepreneurial business values,” Antonopoulos said. “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.”
SRS will be part of Ardonagh Europe, led by CEO Conor Brennan, as part of the group’s plan to expand to new European markets.
“SRS perfectly encapsulates what we strive for Ardonagh’s brands to be: A business firmly embedded in the communities it serves,” Brennan said, adding that the group will enhance SRS’s growth by investing resources and group capabilities.
“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. “We are proud to partner with this great business, and we are looking forward to embarking on the very exciting journey that lies ahead for us both.”
The expansion quickly follows Ardonagh Advisory Holdings’ acquisition of a majority shareholding in broker Stanhope Cooper and managing general agent Renovation Underwriting.
Renovation Underwriting was awarded as The Best MGA in Insurance in the UK. See the full list of winners in IB's Brokers on MGAs 2023 special report.