LONDON: Induver and Clover, two of Belgium’s leading independent corporate insurance brokers, have announced their merger to create a new market leader in the sector. The combined business will benefit from the support of Hg, a leading investor in software and services businesses, as a minority shareholder.

The merger brings together Induver’s premium positioning and technical capabilities with Clover’s entrepreneurial team and expertise in insurance specialties. The new group will serve a wide range of commercial and corporate clients across Belgium, offering a highly complementary and differentiated service. The group also aims to attract other insurance brokers who share its vision of a broker-led and broker-owned platform.

The deal marks Hg’s first investment in the Belgian insurance market, following its successful track record in the European insurance sector. Hg will leverage its deep sector knowledge and operational experience to support the group’s strategic growth and digital transformation.

The transaction value is not disclosed. HgCapital Trust plc (HGT), whose shares are listed on the London Stock Exchange, will invest approximately £6.7 million in the group, alongside other institutional clients of Hg. The investment will reduce HGT’s outstanding commitments to invest in Hg transactions to approximately £801 million.

All current founder-shareholders of Induver and Clover will remain on board and will continue to lead the group. Marc Van Nuland, a veteran of the insurance industry in the Benelux region, is expected to join as Executive Chairman.

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”.