The Ardonagh Group has acquired SRB Assekuranz Broker, a Zurich-based insurance brokerage, for an undisclosed sum.  

Set up in 1980, SRB primarily serves corporate clients in the industrial sector and manages a premium pool valued at around €120m ($136.36m). 

The current SRB management team will retain leadership of the business, which has a workforce of around 30 across its offices in Switzerland and Liechtenstein.  

The acquisition builds on its existing relationship with MDS Group, Ardonagh’s platform for operations in Latin America and other global markets.  

SRB has been a Brokerslink network partner since 2007, a network initiated by MDS, with SRB CEO Edoardo Leusciatti being a member of Brokerslink’s board.  

The Zurich broker will now operate as part of MDS Group.  

SRB CEO Edoardo Leusciatti stated: “Joining The Ardonagh Group alongside our long-standing partners MDS will expand our presence in the local market and beyond. It provides significant gains in scale and access to important specialty and technological resources, which strengthens our customer proposition.” 

MDS Group CEO José Manuel Fonseca said: “I am delighted to welcome the SRB team to the Ardonagh family. Their experience and knowledge will enhance our long-standing partnership and ability to excel in this strategically important sector. By deepening our collective capabilities and further empowering our teams across our geographical locations, we will elevate our service to clients.” 

Earlier this month, Ardonagh Advisory, a division within the Ardonagh Group, acquired Liverpool-based ALP Holdings and its subsidiary Letton Percival. 

The Ardonagh Group has more than 12,000 employees across 200-plus locations in over 30 countries.