DUPI and SMABTP join forces

Recently, SMABTP Group became the majority shareholder in DUPI Group B.V. with 58,56% stake, following AFM approval.
The two current directors, Stijn Bakkeren and Anton Cornel, retain their equal minority shares and their position in the company’s management.

Who is SMABTP?
SMABTP is a leading French insurer of the construction and property industry and a major international player offering products and services to the construction sector, such as liability insurance or latent defect insurance. Its historical and strong presence and knowledge of the building economy have allowed SMABTP to develop a unique place within the industry.

About the acquisition
This acquisition is part of SMABTP’s strategy to expand its footprint as the leading construction insurance company in Europe. In addition, SMABTP’s strategy also includes serving its clients across the full spectrum of their insurance needs.
With SMABTP, DUPI has found a leading international partner with a strong strategic fit to further drive DUPI’s successful and sustainable expansion in the corporate insurance market in the coming years, particularly in Northern Europe.

For our clients
Quality of service and client focus are at the heart of the commitments that unite SMABTP and DUPI. The expertise and professionalism of DUPI’s teams, recognized in Marine, Transport, Property, Casualty and Construction insurance, will thus make it possible to support SMABTP policyholders carrying out work in the Netherlands. The signature of SMABTP and its presence in several European countries provides capacity, reliability and durability to DUPI’s clients.

Managing Director of DUPI Group, Stijn Bakkeren: ‘SMABTP Group is the major shareholder we’ve been looking for. They have excellent knowledge of the insurance market and, like DUPI, their focus is firmly on putting the client’s interests first. Like us, they are both willing and able to invest in the growth of our company. In addition, SMABTP’s investment in DUPI is for the long term. Together we will continue to work on our ambition of becoming the insurer of choice for entrepreneurs -like ourselves- seeking to insure complex risks.’

Pierre Esparbès, CEO of SMABTP: ‘SMABTP has been successfully supporting companies in the construction sector for over 160 years. Our company is strong and stable and well capitalised. We are pleased to welcome DUPI in our Group to accompany the development of the Dutch insurance market.’

MarshBerry International served as M&A advisor to the seller.

About DUPI
What began as a Rotterdam-based niche specialist in P&I in 1988 has transformed into a broader insurance solutions company with a bold vision: to be the insurer of choice for entrepreneurs. Nowadays DUPI is a leading underwriter of marine and construction insurance in the Netherlands. In recent years, we have expanded into the property and casualty insurance branch, making us a formidable competitor to the establishment in these areas. And our presence has also grown beyond the Dutch borders, with increasing numbers of entrepreneurs turning to DUPI to insure complex risks in the Benelux, France, and northern Europe.

We’re also proud to offer insurance-related services, including customised software solutions and risk inspection, which have become highly sought after in the industry. With offices in the Netherlands (Rotterdam, Amsterdam and Schiedam), Denmark (Copenhagen), France (Paris), and Bulgaria (Plovdiv), we’ve built a team of 150 skilled professionals who share our commitment to excellence. Today, DUPI is proud to serve as the Managing Agent for twelve leading European insurers.

More about SMABTP
SMABTP Group was founded in 1859 in Paris. With 3,600 employees, it is a mutual insurance company specialized in the construction sector. The income revenues for 2021 is EUR 2.9 billion. SMABTP’s internal solvency ratio is 272% (end 2021) and it is rated A+ (with a Stable Outlook) by both S&P and Fitch.

About MarshBerry
Founded in 1981, MarshBerry serves insurance brokers, specialty brokers, MGA’s and other insurance intermediaries through M&A and consulting services. With European offices in Amsterdam and Paris and 6 offices in the US, MarshBerry is the leading M&A advisor and consultant for insurance brokers and intermediaries. In 2022, MarshBerry completed over 100 M&A transactions.