SMABTP Group acquires 100% stake in DUPI Group

Rotterdam, 2 July 2024 – SMABTP Group has acquired full ownership of DUPI Group B.V., effective from 28 June 2024. The shares previously held by directors and shareholders Stijn Bakkeren (CEO) and Anton Cornel (CCO) have been transferred to SMABTP. Both Bakkeren and Cornel will step down from their roles on 30 September 2024, paving the way for new leadership. They leave behind a healthy and thriving company and will use the coming months to ensure a smooth transition and handover to DUPI’s current management team. 

Continuation of DUPI’s values and operations 
DUPI’s core values and entrepreneurial spirit will remain intact. DUPI Underwriting Agencies will continue to operate as a Managing General Agent (MGA), utilising capacity from both SMABTP and other carriers for their insurance activities.  

DUPI will continue to operate in the Dutch market and in other countries where we currently operate: Belgium, Germany, and Denmark. By doing that, we benefit from the stability and long-term approach of being part of a larger group. SMABTP’s capacity, bottom-line culture, and local approach are the elements that will ensure that DUPI will continue to prosper and grow under its new owner. 

DUPI’s leadership 
In recent years, we have made significant efforts to create a stable foundation and strong leadership for DUPI. As Stijn and Anton depart, they leave behind an experienced team ready to lead the company into its next chapter. 
The current Executive Committee of DUPI Group includes Stijn Bakkeren (Chief Executive Officer), Anton Cornel (Chief Commercial Officer), Marleen Mac-Donald (Chief Financial Officer), Lars Hendriksen (Chief Operating Officer), Emiel Paaij (Chief Underwriting Officer), Erwin Henkes (Deputy CCO), Michiel Cuper (Deputy COO), and Rosalie Alkema (General Counsel). From 1 October 2024, Erwin Henkes will assume the responsibilities of Anton Cornel as CCO. The search for a new CEO to succeed Stijn Bakkeren is currently underway. 

Strategic fit and future growth 
SMABTP brings a wealth of experience and a strong strategic alignment to support DUPI’s continued success and sustainable growth in the corporate insurance market. With SMABTP’s backing, DUPI’s clients will benefit from increased capacity, reliability, and expertise. 

Statements from leadership 
Stijn Bakkeren, CEO of DUPI Group, stated: “With SMABTP becoming the 100% shareholder of DUPI, I am confident that Anton and I are leaving behind a strong and resilient company. DUPI is well-positioned for a bright and stable future under SMABTP’s ownership. Their extensive knowledge of the insurance market and their commitment to long-term investment will undoubtedly help DUPI achieve its goal of becoming the insurer of choice for entrepreneurs seeking to insure complex risks. I am proud of what we have accomplished and excited about the future possibilities for DUPI.” 

Pierre Esparbes, CEO of SMABTP, commented: “SMABTP has been successfully supporting companies in the construction sector for over 160 years. Our strong, stable, and well-capitalized company is pleased to welcome DUPI to our Group. This deal will enable us to accelerate our expansion in Europe and drive our growth in the insurance market of the construction sector. 

About SMABTP 
SMABTP is a leading French insurer in the construction and property industry, and a major international player offering products and services to the construction sector, such as liability insurance and latent defect insurance. Its historical presence and deep knowledge of the building economy have secured SMABTP a unique position within the ecosystem. 

About DUPI Group 
DUPI is a leading underwriter of marine and construction insurance in the Netherlands, with a growing presence in the property and casualty insurance sectors. Recognized for the strong technical skills of its staff and its commitment to supporting clients across Europe, DUPI employs over 200 professionals across offices in the Netherlands (Rotterdam, Amsterdam, and Schiedam), Denmark (Copenhagen), Germany (Cologne), Belgium (Antwerp).