Ardonagh Europe, part of The Ardonagh Group and headquartered in Dublin, has agreed a deal to buy France's Groupe Leader Insurance.
Founded in 2003 by Yoann Chery, GLI initially focused on construction risk but over the past 20 years the company has significantly diversified its offering, becoming a significant player in specialist property and motor insurance.
Headquartered in Paris, GLI employs more than 350 people in France and internationally, providing insurance solutions to individuals and SMEs through direct channels as well as a network of over 4,000 broker partners. GLI managed €190m in gross written premium last year.
Ardonagh said today's deal represents a significant milestone in its growth strategy, complementing its existing presence in Ireland, the Netherlands, Greece, Italy, Austria and Switzerland.
Under the terms of the deal, GLI will continue to operate under its current brands and leadership team following completion of the transaction.
Yoann Chery will become a shareholder in Ardonagh and lead the group's French operations, while remaining President of GLI’s holding vehicle (Generation Insurance).
Conor Brennan, CEO of Ardonagh Europe, said the French insurance market is one of the largest in the world, with a rich tradition and a level of sophistication that makes it particularly attractive for Ardonagh.
"We have been following this market closely for many years and have now found in Yoann an ambitious and driven entrepreneur, who has successfully built a talented team. We are excited to work alongside him to further develop our strategic platform in France. This acquisition marks a key step in our journey to becoming a leading insurance distribution platform across Europe," he added.
Yoann Chery, President of GLI, said that Ardonagh will enable GLI to increase its capabilities thanks to its scale - placing close to $18 billion of annual premiums - and accelerate strategic growth in France.
"This new alliance also creates fresh opportunities and strengthens our ability to innovate, delivering best-in-class insurance solutions for our loyal brokers and clients from day one. By combining our deep market expertise and customer-centric approach with Ardonagh’s global scale and reach, we are building a powerful platform for sustainable growth," he added.
