Vanbreda Risk & Benefits acquires an important stake in marine broker Proteus. With this investment we underline our ambition to become even more prominent in the maritime insurance market. Vanbreda is also acquiring the insurance broker Cornelis & Partners, based in Merelbeke.
Vanbreda Risk & Benefits is today a leading player in the marine insurance segment, but we want to further expand the growth in these markets.
CEO Pedro Matthynssens: “Looking for acquisitions that strengthen our market position through complementarity is an important part of our growth strategy. The investment in Proteus should be framed in this context. Our expertise lies mainly in the field of cargo insurance, whereas Proteus specialises in hull & liabilities and port & terminals. Through our collaboration, we can guarantee our marine customers an even better and broader service.”
Proteus today accounts for an annual turnover of two million euros. Vanbreda initially takes a minority stake in Proteus. By 2020, Vanbreda moves to a majority shareholding.
CEO Dirk Olyslager: “The investment of Vanbreda in Proteus represents an important new step for us. We are delighted that Vanbreda gives us the confidence to manage part of their hull & liabilities portfolio. As a specialised marine broker, it was our ambition to find a new strategic partner with whom we can continue to grow complementary after the management buy-out from the German Junge Versicherungsmakler back in 2016. We have found it now. This partnership makes us an even stronger alternative for logistics players in the marine market.”
In Merelbeke, Vanbreda Risk & Benefits is also taking over the insurance broker Cornelis & Partners, a highly regarded East Flemish broker who has an annual turnover of approximately 1.75 million euros.
Pascal Joosten, Director Risk & Broker Services at Vanbreda: “With this latest takeover, we are strengthening our position as the leading broker and risk consultant. In doing so we are underlining our strategic aim of sustainable growth. With the takeover of Cornelis & Partners, we now have one or more offices in every Flemish province, which reasserts our regional focus.”