The appetite for takeovers in the insurance market remains
Similar to other market segments in the Netherlands, there remains a lot of movement in the insurance market with regard to takeovers and acquisitions (FD, 08-09-2021). A few appealing examples from the past 6 months are the merger between Voogd & Voogd and Heilbron and the acquisition of Heinenoord by Nationale-Nederlanden. Besides these large deals, there is a lot of activity concerning the smaller brokers. What jumps out the most when looking at these transactions are the high multiples that are paid for brokers in comparison to other sectors.
The ‘Brookz overnamebarometer H1-2021’ mentions ebitda multiples of 6.5 at most (Brookz overnamebarometer H1-2021, September 2021 p.8). Within the market for insurance brokers such multiples can be considered to be the lower limit. In the Insurance Market Acquisition Monitor H2-2020 an ebitda multiple between 6 and 15 was mentioned. In 2021, this trend continues and more large deals find themselves at the upper part of this range.
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The Insurance Market Transaction Monitor is an exclusive publication of BHB Dullemond. Our Transaction Monitor provides a complete picture of all takeovers and acquisitions in the first half of 2021. The figures and trends in the transaction monitor provide more insight and transparency into current and future developments in the insurance market. Please use the form below to download the latest and earlier versions free of charge.
