Baloise Marine & Transport Team joins DUPI

On 29 March 2024 DUPI Underwriting Agencies B.V. and Baloise Belgium nv entered into an agreement on the basis of which DUPI will acquire the renewal rights to Baloise Belgium’s Marine and Transport portfolio, thereby strengthening its position in the Marine insurance sector.
This move includes the transition of Baloise’s Marine team to DUPI, enhancing their capacity to underwrite the Belgian Marine portfolio, manage claims and handle administration.

Baloise optimises its focus areas
Baloise continuously adapts to market changes and optimises its focus areas. This strategic shift towards their core insurance business in life and non-life segments aims to deliver superior products and services to their clients.

Christophe Hamal, CEO of Baloise, highlights this transition: “After years of building expertise in Marine and Transport and achieving a substantial market share, we are uniting with DUPI to navigate the complexities of today’s Marine business, including international challenges. Our longstanding collaboration with DUPI assures us that our Marine customers will continue receiving top-notch service and expertise.”

DUPI expands its international presence
DUPI, a long-time ally of Baloise specializing in Marine and CAR/Engineering, is on a robust path to expanding its international presence. Already a leader in the Netherlands’ Marine and Transport insurance sector, DUPI is also extending its reach in other northern European countries.

Anton Cornel, CCO of DUPI, comments, “Incorporating the Baloise Marine and Transport Team, renowned for their expertise and specialised skills, aligns with our goal to become a major player for entrepreneurs within our well-established insurance markets across Europe. We are excited to merge our networks and expertise to enhance our offerings in the marine insurance market.”

Supported by SMA SA
This acquisition allows DUPI to continue Baloise’s existing policies, supported by the underwriting capacity and financial strength of SMA SA, a subsidiary of SMABTP, a French insurer with an S&P rating of A+ and a stable outlook.
The integration forms a significant Marine portfolio valued at approximately EUR 200 million, positioning DUPI as a leading Marine Managing General Agent in Europe.

About DUPI
DUPI Underwriting Agencies (part of DUPI Group) 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, Germany, France, and northern Europe.

DUPI Group is proud to offer additional 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), Germany (Cologne) and Bulgaria (Plovdiv), DUPI Group built a team of almost 200 skilled professionals who share our commitment to excellence.

About Baloise
Baloise is an insurance company that combines long experience and a rich history with a passion for entrepreneurship and innovation. In everything we do, the customer is central. All talents are welcome, and together we strive for the best results. Every day, we build sustainable cooperation with our partners, the brokers, to offer both individuals and businesses suitable insurance solutions.

Baloise in Belgium is part of the Swiss Baloise Group. We aim to contribute to a safer world for all our stakeholders: our customers, our brokers, our employees, and our shareholders. In Belgium, Baloise has a turnover of more than EUR 2 billion and ranks among the top 4 property insurers.

About SMA BTP
SMA BTP Group was founded in 1859 in Paris. With 4.100 employees, it is a mutual insurance company specialised in the construction sector. The income revenue for 2022 is EUR 3.5 billion. SMABTP’s internal solvency ratio is 320% (end 2022) and it is rated A+ (with a Stable Outlook) by both S&P and Fitch.