b"SEQUEL JORG QUAPP & EDWIN BOSMAINCREASE IN CROSS-BORDER TRANSACTIONS Digitalization presents opportunities to reduce Quapp: Despite (inter)national players facingcosts and strengthen customer relationships, but ongoing macro uncertainties, the insuranceit also demands investments. At the same time, market is experiencing a strong rise in cross- the global insurance sector faces a tremendous border mergers and acquisitions. In the past,challenge to contribute to sustainability and the transactions were mainly between local parties,climate and energy transition. As a result of these but nowadays, we increasingly see internationaldevelopments, the range of insurance products players acting as buyers or investors. Thisavailable to intermediaries has narrowed, development can be attributed to changesleading larger brokers and MGA platforms to in the end market of intermediaries. Due toseek providers abroad and, consequently, move geopolitical circumstances, there is a growingtowards Pan-European platforms. Their aim is to investment in domestic industries within the EU,offer their customers a broader product range. leading to further expansion of trade betweenAdditionally, they will strive to achieve cross-the Netherlands and neighboring countries. As aborder synergy benefits.'result, even SMEs are conducting more business across borders, accompanied by all the insurableINSURANCE MARKET BECOMES EUROPEAN risks associated with it.The intermediaries areMARKETfollowing their clients, and therefore, they areAssisted by ICT advancements, data, and AI, also progressively internationalizing to serve theirthe insurance market will transform into a more existing customer base effectively. Consequently,European market dominated by fifteen to twenty we expect that transactions in the mid-marketplatforms, each with a revenue of one billion segment will be the driving force behind Europeaneuros or more, within the next five years. We mergers and acquisitions within the insuranceanticipate that the number of medium-sized market in the coming years. What holds trueintermediaries and managing general agents for our relationships in the insurance market(MGA's) will significantly decrease by 2028, also applies to BHB Dullemond. In order toeither merging into larger brokers or becoming support our clients in their internationalizationpart of these major Pan-European platforms.efforts, as M&A advisors, we must have aThese Pan-European platforms will evolve into precise understanding of the happenings in theone-stop-shops for risk management services surrounding markets and identify opportunitiesfor SMEs, similar to what already exists for the for acquisitions. That's why we have enteredcorporate/giant business segment. By expanding into a strategic partnership with FTI Consulting,their service offerings to include consultancy, mainly because of their global network within theoccupational health services, and (payroll) insurance market.'administration services, these platforms will be able to establish even stronger ties with their DUTCH INSURANCE PRODUCT OFFERINGScustomers. Nevertheless, there will still be a DIMINISH favorable market for smaller intermediaries with Bosma continues: 'The market concentrationrobust local customer relationships (customer within the insurance industry has furtherintimacy), supported by service providers and a increased due to the recent merger of a.s.r. withfew smaller carriers like De Goudse and NH1816,'Aegon's Dutch operations. Currently, the market isQuapp said.dominated by Nationale-Nederlanden, a.s.r., and Achmea. Heightening requirements in the realm of law and regulation are placing a progressively greater strain on local insurance companies.74 BHB DULLEMOND"