Marsh, a global leader in insurance broking and risk management, today announced that it has acquired Aalst-based Trade Insure NV, a leading distributor of credit insurance policies in Belgium. Terms of the transaction were not disclosed.
Founded in 1990, Trade Insure is focused mainly on the provision of trade credit insurance, a solution that can help to improve cash flow, reduce costs, lower borrowing rates and increase funding, as well as protect against bad debts. Starting January 2015, the combined entity will trade under the name of Marsh Trade Insure and include all members of Marsh’s existing trade credit team in Belgium as well as all colleagues from Trade Insure. The Aalst-based team will also serve clients through Marsh’s offices in Brussels, Antwerp, Roeselare, Liège and Luxembourg.
Flavio Piccolomini, CEO of Marsh Continental Europe, said: “I am delighted to welcome the experienced team from Trade Insure to Marsh. Trade Insure has developed a compelling credit insurance offering for both SME and multinational clients across Belgium. When combined with Marsh’s capabilities, we will be able to offer them world-class services and solutions.”
Luc Gillijns, Managing Director of Trade Insure NV, added: “This transaction is exciting news for both our clients and colleagues. Our clients will have access to a wider range of products and services and our colleagues will have enhanced career opportunities.”
Henri Steyaert, CEO of Marsh Belgium and Luxembourg, commented: “The combination of Trade Insure’s broad Belgian client base with Marsh’s regional and global capabilities will enable us to deliver an unparalleled range of solutions to clients in Belgium and abroad at a time when many of them are looking for the protection trade credit insurance can offer.”
As the leading trade credit insurance broker in the Belgian market, Marsh Trade Insure will be able to offer a broad range of insurance solutions and advisory services to clients. Alongside traditional insurance design, placement, and claims handling, it will provide specialty solutions for political risk and structured credit, as well as other services such as non-financial bonds.
About Trade Insure
Trade Insure NV is an insurance broker specialised in trade credit insurance, factoring and business information reports. Trade Insure is the largest insurance broker for trade credit insurance, with a market share of approximately 20%. The company was established in 1990 by Luc Gillijns. Trade Insure today employs 16 people in its offices in Aalst (just north of Brussels). The broker serves about 500 clients, from SME’s up to multinationals, based in Belgium as well as abroad. Trade Insure places close to USD40 million in annual premium on the insurance market.
Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh’s approximately 26,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. With 55,000 employees worldwide and annual revenue exceeding $12 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @MarshGlobal, or on LinkedIn, Facebook, and YouTube.