Belgian corporate insurance brokers Induver and Clover have unveiled plans to merge, creating a new entity with enhanced market presence.
Hg, an investor in software and service businesses, will support the merged company as a shareholder, fuelling strategic growth initiatives.
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Hg-managed HgCapital Trust (HGT) will invest around £6.7m (€7.84m) in Induver, with additional funds coming from other institutional clients through the Hg Mercury 4 Fund.
Established in 1990, Induver operates as an insurance broker for commercial and corporate clients in Belgium.
Clover, launched in 2019 by a local family brokerage, specialises in B2B and niche insurance products.
HGT said the merger promises a synergistic blend of Induver’s high-end market position and technical expertise with Clover’s specialty insurance experience.
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By GlobalDataHGCapital partners Joris Van Gool and Bernd Tahon said: “We are 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.”
The founders of both companies will retain their leadership roles within the new group.
Marc Van Nuland, an insurance industry veteran with more than three decades of experience in the Benelux region, will assume the role of executive chairman at the combined entity.
Induver managing directors Seppe Sijmons, Mieke Verstraeten and Sjarel De Bondt said: “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.”
Clover partners 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.”
