The Dublin-based European arm of Ardonagh, whose parent owns the Arachas corporate insurance broker here, has agreed to buy French peer Groupe Leader Insurance (GLI).
Ardonagh Europe described the company as one of the top 10 wholesale and multispecialist brokers in France. The financial terms of the deal were not disclosed.
Founded in 2003 by entrepreneur Yoann Chery, GLI initially focused on construction risk, but has since moved into specialist property and motor insurance.
Headquartered in Paris, it employs more than 350 people in France and internationally, providing insurance to individuals and SME clients through direct channels as well as a network of more than 4,000 broker partners. It managed €190 million in gross written premium last year.
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Ardonagh Europe already has a presence in Ireland, the Netherlands, Greece, Italy, Austria and Switzerland.
GLI will continue to operate under its current brands and leadership team following completion of the transaction.
Mr Chery will become a shareholder in Ardonagh and lead the group’s French operations while remaining president of GLI’s holding vehicle Generation Insurance.
Cyrille de Montgolfier will continue as chairman of the GLI business’s supervisory board.
Conor Brennan, chief executive of Ardonagh Europe, described the French insurance market as one of the largest in the world, with “a rich tradition and a level of sophistication that makes it particularly attractive” for Ardonagh.
[ Irish-led Arachas owner valued at €13.4bn under fresh investment dealOpens in new window ]
“We are now looking forward to working with Yoann and his team to bring new products and innovative solutions to our brokers and clients in France,” he said.
“We have been following this market closely for many years and ... this acquisition marks a key step in our journey to becoming a leading insurance distribution platform across Europe.”
Mr Chery said the scale of Ardonagh’s business – placing close to $18 billion of annual premiums – would enable his group to increase its capabilities and accelerate strategic growth in France.
David Ross, the Irish-born chief executive of the wider Ardonagh Group, said the breadth of experience and the local expertise of GLI “creates a compelling partnership”.
