b'SEQUEL HENNY KLOPPENBURGDETAILED INSIGHT appropriately. The insurance portfolio still plays Kloppenburg: \'The way we approach thean important role in this. However, nowadays, valuation of (insurance) portfolios and businesseswhen analyzing insurance portfolios, we go further has undergone significant development overthan we did 25 years ago. Detailed insight is the past twenty-five years. With the rise ofcrucial, including analyzing (sub-)industry levels acquisition firms like BHB Dullemond and theand examining the composition, policy density, entry of private equity parties, the market hasand revenue per customer per insurer.\' become much more professional. This has led to a transformation in both valuations andA SUSTAINABLE VALUATIONacquisition processes. In the past, the valuationKloppenburg continues: "The parameters of intermediary businesses mainly focusedin the insurance market have seen ongoing on the portfolio, with historical data beingdevelopments in recent years. In addition to the key determinant. The factor of ongoingconventional parameters such as policy density, commission was the most important indicatorrevenue per employee, revenue per customer, of the company\'s value. Although this approachand industry distribution, new aspects also is still used today, primarily for small portfolios,play a role in assessing opportunities and risks. the current approach in business valuationsFactors such as compliance, GDPR, sustainability, is focused on the enterprise value. This isand ESG are increasingly mentioned in relation determined by assessing the (expected) futureto the future viability of the business model, profitability of the organization and pricing risksmaking them significant elements of risks and 44 BHB DULLEMOND'