We have successfully completed our first acquisition plans with Hillewaere Group, acquiring a total of seven insurance offices in Flanders and Brussels. These are De Clercq-Verstichel from Ghent, Lesseliers & Co from Antwerp, Nelissen Insurance from Hasselt, Fav & Co from Brussels, Group NBA Insurance Brokers from Kortrijk and T&T and Quirynen Insurance from Kapellen. R. Duwel & Partners from Genk has been effectively integrated within Hillewaere Group since October last year. Thanks to this substantial expansion, we immediately double in size, to 200 employees and a turnover of 24 million euro. "It is our ambition to grow even more strongly. Talks about new acquisitions are in full swing," says our CEO Roel Druyts.
We have been nurturing plans with the Hillewaere Group to become active across the country for some time. With the arrival of the wealthy Five Arrows Principal Investments, an investment arm of Rothschild & Co, as a partner, that process has gained momentum and the first round of consolidation is now a reality. That precisely these insurance brokers are joining the group is by no means a coincidence. Not only do they each enjoy a loyal and solid customer base, moreover, five of them are already today working extensively together within the B.BA Insurance Broker Network, which facilitates rapid integration.
"Under the motto 'Think Global, Act Local', we have been convinced for years that scale offers our clients optimal insurance solutions. Thanks to the partner structure that the Hillewaere Group offers us, we can invest fully in digital innovation, product development and additional efficiency gains. With these assets, we can remain future-proof in business." Nicolas De Clercq of De Clercq - Verstichel
The employees and directors of the six offices remain on board. The latter reinvest in the holding company and become partners within the Hillewaere Group. The Genk office was already integrated within our operation at the end of 2021.
"The directors are active entrepreneurs who are close to their customers and team. We will only strengthen this. The intention is that they will each further develop Hillewaere in their region. From the headquarters we offer shared services in the areas of products, IT, HR, finance and marketing but they will each continue to manage their team and be the face of the company to the clients. By the way, none of the offices involved were looking for an acquirer. We actively approached them with our project and convinced them that we are much stronger as one group than each separately." Roel Druyts
Ideal match
Geographically, the seven new branches fit in perfectly with the regions where we are already present today. With the expansion, we immediately become active throughout Flanders and Brussels. The number of branches increases from 11 to 18 in total.
"One of our spearheads is to be close to customers and offer them tailor-made advice. It is all about trust, which is why it is also crucial to be very accessible and reachable. The branches will therefore remain in the location where they have been for sometimes two generations. All customers also keep the same contacts." Roel Druyts
There is also an ideal match in terms of product range. Thanks to the acquisitions, we are broadening our offering with additional specialisations: even more focus on corporate insurance, medical, other liberal professions, non-profit, life and investments. In turn, the new offices gain access to a wide range of tailored products for corporate clients and high net worth individuals. For example, with the Hillewaere Group as a Proxy/Underwriter, we have in-house developed insurance solutions for exclusive cars, luxury real estate, art collections and yachts.
In the coming months, by the way, the full range will be further expanded to include unique insurance solutions in the Belgian market. And this thanks to the expertise and experience we transfer with Hillewaere from at our Five Arrow partner Alpina Group, the third largest insurance broker in the Netherlands.
"Hillewaere is an innovative player in a generally very conservative insurance sector. The challenges - including digitalisation - coming our way are unprecedented. To continue to guarantee an independent advisory role, brokers need to strengthen their position and take a greater share of the chain." Roel Druyts
No end point, but a beginning
This expansion is an important first step in our ambitious plans. The objective is to further consolidate and digitise the fragmented landscape of insurance and real estate brokerage. The new locations will be regional hubs from which further acquisitions will be made. Several talks are currently ongoing and similar deals will be finalised in the coming period.
"We have outlined an ambitious plan to keep growing. In doing so, we want to double our turnover. From the conversations I have had over the past eight months together with my colleague Leen Verheyen, who is also part of the Merger&Acquisition team, it has become clear that there is a lot of interest in our model. The benefits we can offer are therefore great: more focus on the business and the customer, less distraction by operational processes such as accounting and HR, additional efficiency gains for the team through an IT ecosystem and further deepening of customer relationships through unique insurance solutions. In addition, the acquired parties take an active role within the group and become partners in the top holding company. This allows them to share in the significant growth we will realise in the coming years." Roel Druyts
