Induver and Clover join forces alongside Hg to accelerate their growth as a leading insurance broker in Belgium
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Antwerp, Ghent (Belgium) and London (UK) – 4 March 2024: Induver and Clover, two leading independent corporate insurance brokers in Belgium, today announce that they will join forces. Hg, a leading investor in European and transatlantic software and services businesses, will join as a supporting shareholder in the combined business to drive further strategic growth.
Induver was founded in 1990 by three families and today is a well-established insurance broker serving commercial and corporate clients across Belgium. Clover, founded in 2019 by a fifth generation local family brokerage, has shown rapid expansion to become a leading provider of B2B and specialised insurance products.
Together the two businesses will provide a highly complementary offering to clients, combining Induver’s premium positioning and technical capabilities with Clover’s entrepreneurial team, with a vast experience in insurance specialties. The two teams united, driven by a shared strategic ambition to create a broker-led and broker-owned platform that also presents a unique and exciting proposition for other insurance brokers.
All current founder-shareholders will remain on board and will continue to lead the combined Group. Marc Van Nuland is expected to join as Executive Chairman, bringing over 30 years’ experience leading insurance businesses in the Benelux region.
Seppe Sijmons, Mieke Verstraeten and Sjarel De Bondt, commented: “We are delighted to join forces with the impressive Clover team and build a truly excellent offering to our clients. Bringing in Hg’s extensive experience in insurance, particularly their digitisation capabilities, as well as Marc’s knowledge and leadership in this sector, gives us a very strong position for further growth, both organically and non-organically.”
Viktor Roelandt, Laurent Claes and Olivier Claes, said: “We immediately identified a common DNA between Clover and Induver and our discussions in recent months have more than confirmed that. With our shared ambitions, we have high aspirations to turbocharge our combined business. We also welcome Hg’s support, to continue the momentum of a broker-owned and broker-led expansion strategy. We are excited about the opportunities this combination will give to our people, bringing together two highly skilled teams”
Joris Van Gool and Bernd Tahon at Hg, said: “We’re excited to be part of this significant moment for two high-quality businesses, who both share excellent reputations. We believe this quality will strengthen further as the two teams combine their strong technical, commercial and platform capabilities. We look forward to building on this partnership for many years to come, as part of Hg’s strong activities across the Benelux”.
The terms of the transaction have not been disclosed.
For further information, please contact:
Induver and Clover:
Seppe Sijmons, Group CEO
Seppe.Sijmons@Induver.be
Hg:
Tom Eckersley
tom.eckersley@hgcapital.com
About Induver and Clover
Induver has been a leading and enduring presence in the Belgian corporate insurance brokerage industry since 1990. As a family-owned business, Induver has remained consistently active for over three decades, with the same families leading the business and ensuring the premium quality for which the brand is known.
Clover, founded by the fifth generation of Claes Verzekeringen – a long-standing family-owned brokerage – embarked on a new entrepreneurial journey in 2019. With a brand change and a focus on innovative product offerings, Clover has experienced tremendous growth over the past years. It has now evolved to offer a wide range of corporate services across various specialties and niche sectors.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical workflow services or software applications, delivering a better workplace for their customers.
Hg has extensive experience in insurance and has world-class operational resources in place, providing compelling support to entrepreneurial leaders looking to scale their business. Hg helps build businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and $65 billion in funds under management support a portfolio of more than 50 businesses. Additional information is available at www.hgcapital.com.